In the first half of 2025, Nigeria’s oldest indigenous bank, Wema Bank Plc, increased its profit after tax by 231 per cent to N101.2 billion from N30.55 billion in the same period of last year.
The pioneer of Africa’s first fully digital bank, ALAT, disclosed this information in its unaudited consolidated financial statements for the period ended June 30, 2025.
In the result submitted to the Nigerian Exchange (NGX) Limited, the company its gross earnings also improved by 70 per cent to N303.2 billion from N178.6 billion in the first half of 2024, with interest income expanding by 65 per cent to N240.1 billion from N145.5 billion and the non-interest income growing by 91 per cent to N63.08 billion from N33.10 billion in H1 2024.
The financial documents showed that the balance sheet of Wema Bank remained robust and well-structured, with total assets up to N3.963 trillion in H1 2025 from N3.585 trillion in the same period of last year.
Further, deposit base increased by 3 per cent on a year-to-date basis to N2.60 trillion from N2.523 trillion in FY 2024, loans and advances soared by 19 per cent to N1.426 trillion from N1.201trillion in FY 2024, and the non-performing loan (NPL) ratio stood at 3.17 per cent as at H1 2025, reflecting its continued focus on maintaining asset quality.
Further, the Return on Average Equity (ROAE) grew by 60.40 per cent, the Return on Average Assets (ROAA) increased by 4.64 per cent, the Capital Adequacy Ratio (CAR) was at 13.68 per cent, and the Cost-to-Income Ratio gained 47.55 per cent.
“Three years ago, we took our pre-tax profit from N14.75 billion in 2022 to N43.59 billion in 2023, and in 2024, our PBT stood at an impressive N102 billion.
“Now, just halfway through 2025, we have achieved over 99 per cent of our 2024 full-year PBT in just H1, and for us, this is just a starting point,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.
“As a bank, we have remained committed to surpassing expectations and redefining limitations and this is a standard we are prepared to uphold relentlessly.
“Wema Bank is the Bank that works for all and we will continue to pull all stops in delivering optimum value to every stakeholder, from our shareholders to customers, employees, partners, regulators, and every person and institution who has played a part in our 80-year journey and beyond,” he added.