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Wema Bank Plc has released its audited financial results for the fiscal year ended December 31, 2024, showcasing a remarkable 135% growth in profit before tax (PBT) to ₦102.51 billion.
This significant increase is a testament to the bank’s strategic execution in risk management, customer relationship management, and digital banking innovations.
Key Highlights:
– Profit Before Tax (PBT): ₦102.51 billion, up 135% from ₦43.59 billion in 2023
– Total Assets: ₦3.59 trillion, a 60% increase from ₦2.24 trillion in 2023
– Customer Deposits: ₦2.52 trillion, up 36% from ₦1.86 trillion in 2023
– Loans and Advances: ₦1.20 trillion, a 50% increase from 2023
– Non-Performing Loan (NPL) Ratio: 3.86% as of December 31, 2024
– Gross Earnings: ₦432.34 billion, up 92% from ₦225.75 billion in 2023
– Interest Income: ₦353.54 billion, a 92% increase from 2023
– Non-Interest Income: ₦78.80 billion, up 91% from 2023
Strong Financial Indicators
Wema Bank’s financial performance is underscored by strong key performance indicators (KPIs), including:
– Return on Average Equity (ROAE): 43.60%
– Return on Average Assets (ROAA): 2.96%
– Capital Adequacy Ratio (CAR): 19.67%
– Cost-to-Income Ratio: 56.23%
Digital Banking Innovations
Wema Bank’s flagship digital platform, ALAT, continues to drive digital banking adoption, especially among younger customers. The bank also introduced ALAT XPlore, Nigeria’s first licensed banking app for teenagers, to promote financial literacy and money management skills.
Rights Issue
Wema Bank plans to commence a ₦150 billion Rights Issue in April 2025 to strengthen its capital base and support future growth.
The bank’s impressive financial performance demonstrates its resilience, innovation, and commitment to long-term value creation for stakeholders.
