Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT has announced its audited financial results for the year ended December 31, 2024, showcasing a remarkable performance.

The Bank’s 2024 Annual General Meeting (AGM) held virtually, witnessed shareholders commend the Bank’s management for its performance, characterised by significant growth in key financial metrics.

Notably, Gross Earnings surged by 91.51% to N432.34 billion, Profit before Tax (PBT) increased by 135.16% to N102.51 billion, and Profit After Tax (PAT) rose by 140.13% to N86.29 billion.

The Bank’s Total Deposits and Total Assets also recorded impressive growth, with Total Deposits increasing by 35.65% to N2,523.82 billion and Total Assets rising by 60.04% to N3,585.05 billion, surpassing the One trillion Naira mark.

Shareholders expressed their appreciation for the Bank’s proactive approach to employee well-being, gender diversity on the board, and commitment to innovation and service excellence.

The Bank’s Managing Director/CEO, Moruf Oseni, outlined plans to sustain the growth momentum, including investments in technology and enhancements to internal frameworks for maximum efficiency.

He said: “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank.

“The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.

“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.

Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.

 Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.
 
The AGM also approved several resolutions, including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.