Shareholders of Wema Bank Plc have lauded the financial institution’s impressive performance during its 2024 Annual General Meeting (AGM), following the release of its best-ever financial results.
At the AGM held virtually in Lagos, the bank presented its audited 2024 financial report, which showed significant growth across all key performance indicators. Gross earnings surged by 91.51% to ₦432.34 billion from ₦225.75 billion in 2023. Profit Before Tax (PBT) rose to ₦102.51 billion, marking a 135.16% increase, while Profit After Tax (PAT) climbed by 140.13% to ₦86.29 billion.
Total assets grew by 60.04% to ₦3.59 trillion, while customer deposits expanded to ₦2.52 trillion, a 35.65% rise. The bank also recorded a 49.94% increase in loans, which stood at ₦1.20 trillion, and an improved Non-Performing Loan (NPL) ratio of 3.86%.
Commending the bank’s performance, shareholders described the financial results as “historic” and “outstanding.” Notably, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, praised the bank’s board diversity and its succession planning strategy.
In recognition of the remarkable performance, the board approved a ₦1.00 per share dividend payout for the 2024 financial year, doubling the amount paid in the previous year. The ₦21.4 billion total dividend is scheduled to be disbursed to shareholders electronically on May 22, 2025.
Managing Director/CEO Moruf Oseni revealed that Wema Bank recently concluded a ₦150 billion Rights Issue and is planning to raise an additional ₦50 billion via private placement to meet the Central Bank of Nigeria’s recapitalization requirement.
Chairman of the Board, Dr. Oluwayemisi Olorunshola, thanked shareholders, staff, and customers for their continued confidence, pledging that the bank will maintain its trajectory of sustainable growth.
