Wema Bank Nigeria has released its audited consolidated financial statements for the year ending December 31, 2024, to the Nigerian Exchange Group (NGX), proposing a final dividend of N1 per share.
The bank reported a profit before tax of N102.51 billion, marking a 135% increase from the N43.59 billion recorded in the same period of 2023. As a result of the strong financial performance, Wema Bank has proposed a dividend of N1 per share.
Its balance sheet remained well-structured and resilient, with total assets surging by 60% to N3.59 trillion in 2024, up from N2.24 trillion in 2023. Deposits also saw a 36% increase year-on-year, reaching N2.52 trillion from N1.86 trillion in the previous year. Similarly, loans and advances expanded by 50% to N1.2 trillion, compared to N801.1 billion in 2023.
The bank maintained strong asset quality, with its non-performing loan (NPL) ratio standing at 3.86%—well below the regulatory threshold—demonstrating solid risk management. Year-on-year gross earnings improved by 92% to N432.34 billion, driven by a 92% rise in interest income to N353.54 billion and a 91% increase in non-interest income to N78.8 billion.
Key financial ratios highlighted Wema Bank’s robust performance, with a return on equity (ROAE) of 43.6% and a return on assets (ROAA) of 2.96%. The bank’s capital adequacy ratio (CAR) stood at 19.67%, while the cost-to-income ratio was 56.23%, reinforcing its financial strength and efficiency.
Commenting on the results, Wema Bank’s Managing Director, Moruf Oseni, attributed the strong 2024 performance to strategic execution across risk management, customer relationship management, and digital banking. He emphasized the bank’s commitment to innovation, particularly through its digital banking platform, ALAT.
“Our people are dedicated to the institution’s founding principles of supporting Nigerian businesses and individuals with cutting-edge banking products and services. ALAT, our flagship digital platform, continues to lead in the adoption of digital banking services, particularly among Nigeria’s youthful population. A notable innovation is ALAT XPlore, the first licensed banking app designed for teenagers aged 13-17 to help them develop money management skills, achieve financial goals, and become financially responsible,” Oseni said.
