Wema Bank Nigeria has released its audited Consolidated Financial Statements for the period ended December 31 st , 2024, to the Nigerian Exchange Group (NGX).

Wema Bank reported profit before tax of N102.51bn, representing an increase of 135% over the N43.59bn recorded in the corresponding period in 2023.

The Bank also proposed a dividend of N1.00 per share for its shareholders.

The Bank’s Balance sheet remained well structured, diversified and resilient with Total

Assets growing by 60% to N3,585.05bn in FY 2024 from N2,240.06bn in FY 2023.

The bank also grew its deposit base year on year by 36% to N2,523.82bn from N1,860.57bn reported in FY 2023.

Loans and Advances grew by 50% to N1,201.21bn in FY 2024 from N801.10bn in FY, 2023.

NPL stood at 3.86% as at end of FY 2024.

The bank recorded improved year on year performance as Gross Earnings grew by 92% to N432.34bn (FY 2023: N225.75bn).

Interest Income was up 92% y/y to N353.54bn (FY 2023: N184.48bn).

Also, Non-Interest Income was up 91% y/y to N78.80bn (FY 2023:

N41.27bn). Return on Equity (ROAE) of 43.60%, Return on Assets (ROAA) of 2.96%, Capital Adequacy Ratio (CAR) of 19.67% and Cost to Income ratio of 56.23% underscore the commercial bank’s resilience and financial strength.

The Managing Director/CEO of the Bank, Moruf Oseni stated that the strong 2024 FY

performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management and digital banking.