By Ebenezer Mabinuola
Wema Bank Plc has earned strong commendation from shareholders following its best-ever financial performance in the 2024 fiscal year. The show of confidence came during the bank’s Annual General Meeting, held virtually on May 22.
The 2024 Annual Report revealed a dramatic leap in key financial indicators: gross earnings surged by over 91% to ₦432.34 billion, while profit before tax more than doubled to ₦102.51 billion. Profit after tax also jumped by 140% to ₦86.29 billion. The bank’s total assets grew to ₦3.59 trillion — a 60% rise — while loans to customers neared ₦1.2 trillion.
Shareholders lauded the bank’s performance and praised its strong governance and gender-diverse board. They also highlighted improvements in credit quality, with the non-performing loan ratio dropping to 3.86%.
Chairman Dr. Oluwayemisi Olorunshola and CEO Moruf Oseni both credited innovation, digital growth through ALAT, and robust internal systems as key drivers of success. Oseni announced that the bank’s recently concluded ₦150 billion rights issue will be followed by a ₦50 billion private placement in June, pushing Wema’s capital base beyond ₦267 billion — a significant step toward meeting the Central Bank of Nigeria’s 2026 recapitalisation mandate.
With its 80th anniversary underway, Wema Bank appears poised for a new era of growth and leadership in Nigeria’s financial sector.
