Wema Bank 2024 financial performance has set new records, earning unanimous praise from shareholders at the Annual General Meeting (AGM) held virtually on Thursday, May 22, 2025. The bank posted remarkable growth across key financial indicators, reinforcing its position as a leading Nigerian financial institution.
According to its 2024 Annual Report, Wema Bank recorded its highest-ever earnings, with Gross Earnings surging by 91.51% from ₦225.75 billion in 2023 to ₦432.34 billion in 2024. Profit Before Tax (PBT) rose by 135.16% to ₦102.51 billion, while Profit After Tax (PAT) jumped by 140.13% to ₦86.29 billion. The bank’s Total Assets grew by 60.04% to ₦3.59 trillion, and Total Deposits increased by 35.65% to ₦2.52 trillion.
In addition, loans to customers grew by 49.94%, and the Non-Performing Loan (NPL) ratio declined to 3.86%, reflecting Wema Bank’s prudent risk management.
Strong Shareholder Endorsement
Shareholders were united in their praise. Mr. Matthew Akinlade hailed the results as “very outstanding,” while Ambassador Dr. Olatunde Okelana described the performance as “historical.” Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, applauded the bank’s gender-inclusive board and robust succession plan, noting that 38% of its directors are female.
Dr. Oluwayemisi Olorunshola, Chairman of Wema Bank, expressed deep appreciation to stakeholders for their continued support, affirming the bank’s commitment to sustained growth.
MD/CEO Moruf Oseni reiterated Wema Bank’s drive for innovation and operational excellence, highlighting the conclusion of its ₦150 billion Rights Issue. He also announced plans to raise an additional ₦50 billion via private placement in June 2025.
“With this, our qualifying capital will rise to over ₦267 billion, positioning Wema Bank to remain a leading force in the Nigerian banking industry,” Oseni said. “At 80, our journey has just begun.”
Milestones and Outlook
During the AGM, shareholders approved the re-election of board members, remuneration for audit and board committees, and a dividend payout of ₦1 per share.
From marking its 80th anniversary to making remarkable progress towards meeting the CBN’s 2026 recapitalisation target, Wema Bank continues to deliver unmatched value to stakeholders while reinforcing its legacy as Africa’s first fully digital bank through ALAT.
Wema Bank’s 2024 financial performance reflects not just a banner year, but a bold statement of resilience, innovation, and an unwavering vision for the future.
