Wema Bank Shareholders Applaud Record-Breaking Financial Performance at 2024 AGM

Wema Bank Shareholders Applaud Record-Breaking Financial Performance at 2024 AGM

…Bank posts 135% rise in pre-tax profit, sets sights on recapitalisation goals

Lagos, Nigeria – May 23, 2025 – Shareholders of Wema Bank Plc have commended the Bank’s extraordinary financial performance for the 2024 fiscal year, as revealed at the institution’s Annual General Meeting (AGM) held virtually on Thursday, May 22, 2025.

Nigeria’s oldest indigenous bank and the pioneer of Africa’s first fully digital bank, ALAT, Wema Bank recorded its highest-ever earnings in 2024, strengthening its reputation as one of the country’s most profitable and innovative financial institutions.

According to the Bank’s 2024 Annual Report, gross earnings surged by 91.51% year-on-year to N432.34 billion, up from N225.75 billion in 2023. Profit Before Tax (PBT) soared by 135.16% to N102.51 billion, while Profit After Tax (PAT) rose by 140.13% to N86.29 billion. Total deposits also grew significantly by 35.65% to N2.52 trillion, while total assets hit N3.59 trillion—an impressive 60.04% increase over 2023.

In addition, customer loans rose by nearly 50% to N1.2 trillion, and the Bank’s Non-Performing Loan (NPL) ratio declined to 3.86%, reflecting improved asset quality.

The stellar performance drew commendations from shareholders, with many expressing strong confidence in the Bank’s long-term outlook. Veteran shareholder Mr. Matthew Akinlade described the performance as “very outstanding,” while Ambassador Dr. Olatunde Okelana called the result “historical,” praising the Bank’s dedication to employee well-being.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, applauded Wema Bank’s gender inclusion efforts, highlighting that five out of eleven board members are women—representing a notable 38%. She also lauded the Bank’s board for its 100% meeting attendance and robust succession planning.

Chairman of Wema Bank, Dr. Oluwayemisi Olorunshola, thanked shareholders, customers, employees, and stakeholders for their continued support, assuring them of sustained performance in the years ahead.

Managing Director/CEO, Mr. Moruf Oseni, also shared insights into the Bank’s growth strategy and capitalisation plans. “We remain committed to service excellence, innovation, and operational efficiency. Following the conclusion of our N150 billion Rights Issue, we are now seeking shareholder approval to raise an additional N50 billion via private placement in June,” Oseni announced.

“With this, Wema Bank’s qualifying capital will exceed N267 billion, positioning us well to meet the CBN’s 2026 recapitalisation target and further consolidate our legacy as a resilient and forward-thinking financial institution,” he added.

The AGM also approved key resolutions including the re-election of board members, remuneration of the Audit Committee and Board, and a dividend payout of N1 per share.

As the Bank celebrates its 80th anniversary, its trajectory remains on a steep upward path, cementing Wema Bank’s place as a formidable force in Nigeria’s banking industry.

---

For media enquiries, contact:
Corporate Communications Team
Wema Bank Plc
media@wemabank.com