Shareholders of Wema Bank have praised its financial performance for the 2024 financial year.
They gave the commendation during the 2024 AGM, held virtually in Lagos on Thursday.
Wema Bank reported record performance, with gross earnings increasing by 91.51 per cent from ₦225.75 billion in 2023 to ₦432.34 billion in 2024.
Profit before tax rose by 135.16 per cent to ₦102.51 billion from ₦43.59 billion, while profit after tax climbed 140.13 per cent to ₦86.29 billion.
The bank’s total deposits increased by 35.65 per cent to ₦2.52 trillion in 2024, up from ₦1.86 trillion the previous year.
Total assets rose to ₦3.59 trillion in 2024, marking a 60.04 per cent growth from ₦2.24 trillion in 2023.
This performance places the bank well above the ₦1 trillion mark, which it first surpassed in the third quarter of 2021.
Wema Bank also expanded loans to customers by 49.94 per cent, reaching ₦1.20 trillion from ₦801.10 billion in 2023.
Year-on-year earnings per share stood at 483.2 kobo, reflecting a 91.51 per cent increase.
The bank’s non-performing loan rate dropped to 3.86 per cent, an improvement from the 2023 figure.
A shareholder, Matthew Akinlade, commended the bank’s management, calling its performance “very outstanding”. Olatunde Okelana described the 2024 results as “historical” and praised the bank’s focus on employee welfare.
Bisi Bakare, national coordinator of Pragmatic Shareholders Association, also hailed Wema Bank’s resilience and achievements. She applauded the gender diversity on the bank’s board, with five of the 11 directors being female—a 38 per cent representation.
Ms Bakare also commended the bank’s succession planning and 100 per cent board meeting attendance.
Oluwayemisi Olorunshola, chairman of the bank, thanked the shareholders, customers, staff, regulators, partners, and stakeholders. She reaffirmed the bank’s dedication to maintaining its upward performance trajectory in future decades.
Wema’s managing director, Moruf Oseni, promised continued innovation, technological investment, and stakeholder-focused service excellence.
He announced the conclusion of a ₦150 billion Rights Issue on May 21, 2025, and proposed raising an additional ₦50 billion via private placement in June.
According to Oseni, this will increase qualifying capital to over ₦267 billion, strengthening the bank’s robust franchise.
During the AGM, shareholders approved board re-elections, audit and board remuneration, and dividend payments of ₦1 per share.
