Following its robust financial performance in 2024, the bank has suggested a dividend of N1.00 per share.
Wema Bank has reported a profit before tax of N102.51 billion, indicating a rise of 135 percent from the N43.59 billion noted in the previous year.
The bank
has suggested a dividend of N1.00 per share following its robust financial performance in 2024.
As stated by the bank on Sunday, its balance sheet continues to be well-structured, varied, and robust, with total assets increasing by 60 percent to reach N3.585 billion in 2024.
The total assets were at N2.240 billion in 2023. Additionally, the bank increased its deposit base year-over-year by 36 percent to reach N2.523 billion from N1.860 billion.
Loans and advances rose by 50 percent, totaling N1.201 billion in 2024 from N801.10 billion in 2023. The non-performing loans ratio was at 3.86 percent by the end of the year.
The bank reported enhanced yearly performance, showing a 92 percent increase in gross earnings to N432.34 billion from N225.75 billion in the previous year.
The interest income surged by 92 percent year-over-year to N353.54 billion from N184.48 billion, whereas the non-interest income saw an increase of 91 percent to reach N78.80 billion.
The bank announced a Return on Equity of 43.60 percent, a Return onAssets of 2.96 percent, and maintained a Capital Adequacy Ratio of 19.67percent.
The cost-to-income ratio was at 56.23 percent, underscoring the commercial bank’s robustness and fiscal stability.
The robust performance in 2024 was credited to effective strategy implementation in areas such as risk control, client engagement, and online banking services by Managing Director Moruf Oseni.
“We continue to be dedicated to assisting Nigerian businesses and individuals through our cutting-edge banking products and services,” he stated.
He pointed out ALAT, the leading digital platform of the bank, as being at the forefront of digital banking usage amongst Nigeria’s youth demographic.
Mr. Oseni mentioned one instance as ALAT XPlore, which is Nigeria’s premier authorized banking application tailored for teens between the ages of 13 and 17, aimed at fostering financial acumen and accountability.
Despite facing a difficult operational landscape, the bank keeps expanding across all financial metrics, highlighting the team’s strength and proficiency.
“The most impressive result is from Profit Before Tax, which jumped by 135 percent,” he noted.
Mr. Oseni pointed out that the 92 percent increase in gross revenue, along with a 60 percent expansion in total assets and an earning of 483.20 kobo per share, significantly bolstered the balance sheet strength.
“The cost-to-income ratio of 56.23 percent has notably enhanced compared to the prior period,” he mentioned.
He further declared that the financial institution’s Capital Raise Initiative was scheduled to commence in April 2025 through a N150 billion rights offering.
Provided by Syndigate Media Inc. (
Syndigate.info
).