Wema Bank has recorded a profit before tax of ₦102.51 billion. This marks an increase of 135 per cent compared to the ₦43.59 billion recorded in 2023.
The bank has proposed a dividend of ₦1.00 per share following its strong financial performance in 2024.
According to a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to ₦3.585 billion in 2024.
Total assets had stood at ₦2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to ₦2.523 billion from ₦1.860 billion, Premium Times reports.
Loans and advances increased by 50 per cent, reaching ₦1.201 billion in 2024 from ₦801.10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.
The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to ₦432.34 billion, compared to ₦225.75 billion in 2023
Interest income rose by 92 per cent year-on-year to ₦353.54 billion from ₦184.48 billion, while non-interest income increased by 91 per cent to ₦78.80 billion.
The bank reported a Return on Equity of 43.60 per cent, a Return on Assets of 2.96 per cent, and a Capital Adequacy Ratio of 19.67 per cent.
Its Cost-to-Income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.
The Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.
“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.
He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.
