NEWS AGENCY OF NIGERIA
Wema Bank’s 2024 profit hits N102.51bn, soars 135%

Wema Bank’s 2024 profit hits N102.51bn, soars 135%

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By Taiye Olayemi

Wema Bank has recorded a profit before tax of N102.51 billion in 2024 financial year, representing an increase of 135 per cent when compared to the N43.59 billion recorded in 2023.

 

 

 

The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024.

 

 

 

In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.585 billion in 2024.

 

 

 

Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to N2.523 billion from N1.860 billion.

 

 

 

Loans and advances increased by 50 per cent, reaching N1.201 billion in 2024 from N801.10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.

 

 

 

The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to N432.34 billion, compared to N225.75 billion in 2023.

 

 

 

Interest income rose by 92 per cent year-on-year to N353.54 billion from N184.48 billion, while non-interest income increased by 91 per cent to N78.80 billion.

 

 

 

The bank reported a Return on Equity of 43.60 per cent, a Return on Assets of 2.96 per cent, and a Capital Adequacy Ratio of 19.67 per cent.

 

 

 

Its Cost-to-Income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.

 

 

 

Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.

 

 

 

“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.

 

 

 

He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.

 

 

 

“One example is ALAT XPlore, Nigeria’s first licensed banking app for teenagers aged 13 to 17, designed to build financial skills and responsibility,” Oseni said.

 

 

 

In spite of a challenging operating environment, the bank continues to grow across all financial indices, demonstrating the workforce’s resilience and expertise.

 

 

 

“The standout performance is Profit Before Tax, which surged by 135 per cent,” he added.

 

 

 

Oseni noted that the 92 per cent rise in gross earnings, 60 per cent growth in total assets, and 483.20 kobo earnings per share strengthened the balance sheet.

 

 

 

“Our Cost-to-Income ratio of 56.23 per cent has significantly improved from the previous period,” he stated.

 

 

He also announced that the bank’s Capital Raise Programme would begin in April 2025 with a N150 billion rights issue. (NAN) (www.nannews.ng)

Edited by Kamal Oropo

Q3 2024: Wema Bank’s assets hit N3.08trn

Q3 2024: Wema Bank’s assets hit N3.08trn

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By Rukayat Adeyemi

The total assets of Wema Bank Nigeria has grown by 38 per cent, to N3.084 trillion in third quater of 2024, from N2.24 trillion posted in the corresponding quarter of 2023.

The Managing Director of the bank, Mr Moruf Oseni, said this on Wednesday in the bank’s unaudited Consolidated Financial Statements for the period ended, Sept. 30  2024, sent to the Nigerian Exchange Group (NGX).

Oseni said that the bank also reported profit before tax of N60.62 billion for the period under review, representing 174 per cent increase over N22.13 billion recorded in the corresponding period of 2023.

The managing director stated that the bank grew its deposit base year- to-date by 23 per cent to N2,29 billon for the quarter under review, from N1,861 billion reported in the same period of 2023.

According to him, Wema Bank’s Non-Performing Loan (NPL) as at the quarter under review, stood at 3.19 per cent.

Oseni said that the bank grew its gross earnings by 91 per cent to N288.32 billion in the quater under review, against N150.90 billion posted in the same quarter of 2023.

He stated that the bank’s Interest Income went up by 81 per cent year-on-year to N229.11 billion, in contrast to  N126.67 billion recorded in the corresponding period of the previous year.

The bank’s non-interest income also advanced by 144 per cent year-on-year to N59.21 billion, from N24.23 billion posted in the same quarter of 2023.

Oseni said the bank’s Reported Return on Equity (ROAE) of 38.62 per cent , Pre-Tax Return on Assets (ROAA) of 2.64 per cent, Capital Adequacy Ratio (CAR) of 14.06 per cent and Cost to Income ratio of 60.47 per cent for the period under review.

“Our 2024 third quarter numbers speaks to our resilience despite a tough operating environment.

“We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in profit before tax which grew strongly by 174 per cent.

“The growth of gross earnings by 91.07 per cent, total assets by 38 per cent and earnings per share at 328.1k shows the core improvements to our balance sheet.

“In addition, our cost to income ratio at 60.48 per cent has witnessed significant improvement from the previous period,” he said.

Wema Bank is a leading financial services entity with banking operations across Nigeria and leading in the digital banking space. (NAN)

Edited by Kamal Tayo Oropo

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