Signature Bank Limited has made a major comeback in 2024, posting a profit before tax of N768.05 million, a sharp turnaround from the loss of N2.87 billion it recorded in the 2023 financial year. The bank also announced a massive 374 per cent rise in gross earnings, which surged to N12.84 billion from N2.69 billion reported in the previous year.
The strong financial performance was driven by a significant boost in both core lending and fee-based income. This signals that the bank’s strategies for growth and operational efficiency are starting to yield visible results, despite a tough operating environment marked by inflation, currency volatility, and tight monetary policy.
During the bank’s 3rd Annual General Meeting (AGM), which held virtually, the Acting Chairman of Signature Bank, Alhaji Tijjani Borodo, said the institution’s return to profitability was the result of disciplined execution, stronger cost controls, and deeper market engagement.
He explained: “Our Profit Before Tax (PBT) swung from a loss of N2.86 billion in 2023 to a profit of N768 million. This was driven by deeper market penetration in targeted segments and sectors, a diversified revenue base, strengthened cost management, and disciplined execution of our strategic priorities.”
The Acting Managing Director and Chief Executive Officer, Dr. Chidiebere Nwokeocha, also addressed shareholders, highlighting that the impressive results were achieved despite the challenging economic backdrop of 2024. He pointed out that inflationary pressure, exchange rate fluctuations, and monetary tightening created a tough operating landscape, but Signature Bank remained focused on bold growth targets.
“2024 was a year of bold progress,” Dr. Nwokeocha said. “We delivered significant growth across all our core financial metrics. Looking ahead to FY 2025 and beyond, we are optimistic. With expected improvements in the macroeconomic environment, our focus will be on driving sustainable growth across key areas.”
The bank’s balance sheet also expanded significantly. Total assets more than doubled, rising from N61.22 billion in 2023 to N178.9 billion in 2024. Customer deposits soared to N130.6 billion, up by 233 per cent from N39.20 billion in the previous year. This sharp growth in deposits signals rising public confidence in the bank’s services and stability.
Market analysts say the strong numbers reflect growing customer trust and effective leadership within the bank, and that Signature Bank may now be in a better position to compete more strongly with other players in Nigeria’s fast-evolving financial services sector.
Signature Bank’s management stated that the strategy going forward will be anchored on deepening its customer base, expanding into high-growth sectors, leveraging technology for service delivery, and maintaining sound risk management frameworks.
Founded just a few years ago, Signature Bank has been positioning itself as a customer-focused and digitally-driven bank in the Nigerian banking landscape. With its 2024 results, the institution is now on a more promising trajectory toward long-term stability and profitability.
