Wema Bank Nigeria has released its audited consolidated financial Statements for the period ending December 31st, 2024, to the Nigerian Exchange Group (NGX), proposing a final dividend of N1 per share.

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

The bank also proposed a dividend of N1 per share on the back of the impressive result. Its balance sheet remained well-structured, diversified and resilient, with total assets growing by 60 per cent to N3.59 trillion last year from N2.24 billion in 2023.

The bank also grew its deposit base year on year by 36 per cent to N2.52 trillion from N1.86 trillion reported in 2023 full year. Loans and advances grew by 50 per cent to N1.2 trillion from N801.1 billion in 2023.

Its non-performing loan (NPL) was well below the regulatory threshold at 3.86 per cent as of the end of the year, demonstrating robust risk management. The bank recorded improved year-on-year performance as gross earnings grew by 92 per cent to N432.34 billion.

Interest Income was up 92 per cent to N353.54 billion, while non-interest income was up 91 per cent to N78.8 billion for the full year.Its return on equity (ROAE) stood at 43.6 per cent while its return on assets (ROAA) was 2.96 per cent. Capital Adequacy Ratio (CAR) was 19.67 per cent just as a cost to income ratio stood at 56.23, underscoring the bank’s resilience and financial strength.

The Managing Director of the bank, Moruf Oseni, said the strong 2024 FY performance stemmed 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.