WATCH THE VIDEO HERE Wema Bank Plc has reported a profit before tax of N102.105 billion for the year ended December 31, 2024, marking a 134% year-over-year (YoY) growth from the previous year. The unaudited Group financial statements, reviewed by Naijaonpoint, reveal that the bank’s gross earnings surged by 89.61% YoY to N430.259 billion. Key highlights (2024 vs 2023): Commentary A deeper analysis of Wema Bank’s 2024 financial performance highlights interest income as the primary driver of growth. On the liability side, Wema Bank recorded robust deposit growth, reflecting increased customer confidence and deposit mobilization efforts: Non-interest income and profitability Beyond interest income, non-interest income played a crucial role in boosting profitability, contributing N78.427 billion in revenue. Capital raise and market performance Looking ahead, Wema Bank is set to further strengthen its financial position through a planned capital raise. Investor sentiment toward Wema Bank remains strong, as reflected in its share price performance:
Wema Bank’s pre-tax profit soars 134% to N102 billion in 2024
