Wema Bank hits N433 billion in gross earnings, profit surges to N102 billion in 2024, the highest in five years 

The bank’s audited financial statements for the year that ended on December 31, 2024, reveal that gross earnings jumped to N433.43 billion, driven by robust interest income and strategic asset expansion.

Profit before tax soared by 141% to N102.5 billion, marking a record-breaking milestone as the bank capitalized on rising interest rates and strengthened its loan and investment portfolio.

As part of the report, the Board of Directors proposed a dividend payment of N1.00 per share for the 2024 financial year

Wema Bank made most of its money in 2024 by giving out loans and investing in government securities.

Apart from taking advantage of high interest rates (due to CBN’s policies to fight inflation), the bank also gave out more loans and increased its investments in safer government securities.

While Wema Bank made strong gains from loans and investments, its loan portfolio still carries some risks.

Rising costs and the impact of interest expenses

Despite strong earnings, Wema Bank like other Nigerian banks faced higher funding costs due to the prevailing high-interest rate environment:

While these cost pressures were significant, the bank’s ability to sustain strong net interest income helped mitigate the impact.

Beyond interest income, Wema Bank’s non-interest revenue grew significantly, thanks to its digital banking innovations and diversified services. Net fees and commission income rose to N55.576 billion, driven by:

Wema Bank’s digital innovations, ALAT Xplore (Nigeria’s first mobile banking app for teenagers) and Coop Hub (a platform for cooperative societies), might have played a key role in this growth.

Wema Bank’s total assets grew to N3.593 trillion, with customer deposits making up a significant portion. Shareholders’ funds increased to N256.421 billion, driven by:

To further strengthen its capital base and meet regulatory requirements, Wema Bank embarked on a N40 billion rights issue, boosting its share capital and premium.

Additionally, the bank’s Chairman, in the 2024 Annual Report, reaffirmed its commitment to raising N200 billion in fresh capital, stating:

“To meet the new CBN capital requirements, the bank will be raising N200 billion in new capital as approved by the shareholders at the last Annual General Meeting. This will be broken down into N150 billion Rights Issue and N50 billion in Special Placement.” 

“To meet the new CBN capital requirements, the bank will be raising N200 billion in new capital as approved by the shareholders at the last Annual General Meeting. This will be broken down into N150 billion Rights Issue and N50 billion in Special Placement.” 

Wema Bank share price closed at N10.7 and is up 18.8% in 2025.