Wema Bank Plc has released its full 2024 financial results with a profit before tax of ₦102.51bn, representing an increase of 135 per cent over the ₦43.59bn recorded in the corresponding period in 2023.
The Bank also proposed a dividend of N1.00 per share on the back of the impressive result.
Total Assets grew by 60 per cent to N3.585trn in FY 2024 from N2.240trn in FY 2023.
The bank also grew its deposit base year on year by 36 per cent to ₦2.523trn from ₦1.860trn reported in FY 2023.
Loans and Advances grew by 50 per cent to ₦1,201trn in FY 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.86 per cent as at end of FY 2024.
The bank recorded improved year on year performance as Gross Earnings grew by 92 per cent to ₦432.34bn from ₦225.75bn in 2023.
Interest Income was up 92 per cent year on year (y/y) to ₦353.54bn as against ₦184.48bn reported in 2023. Also, Non-Interest Income was up 91 per cent y/y to ₦78.80bn from ₦41.27bn in 2023.
Return on Equity (ROAE) of 43.60 per cent, Return on Assets (ROAA) of 2.96 per cent, Capital Adequacy Ratio (CAR) of 19.67 per cent and Cost to Income ratio of 56.23 per cent underscore the commercial bank’s resilience and financial strength.
Oseni stated that the 2024 full year 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.
“Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services. ALAT our flagship digital platform continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace.
“An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible,” he said.
He said that despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices reflecting the quality and resilience of the workforce.
“The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 135 per cent. The growth of Gross Earnings by 92 per cent, Total Assets by 60 per cent and earnings per share at 483.20kobo shows the core improvements to our balance sheet.
In addition, our cost-to-income ratio of 56.23 per cent has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150bn Rights Issue,” he said.
