Wema Bank Plc has reported a strong financial performance for the 2025 financial year, with gross earnings rising by 52.8 per cent to N660.6bn from N432.3bn in 2024, driven largely by higher interest income and growth in its loan book.
Interest income grew by 62.7 per cent, reflecting improved yields on earning assets and expansion in lending activities, while net interest income more than doubled, increasing by 103.9 per cent to N361.0bn on the back of improved asset pricing and balance sheet growth.
Non-interest income rose by 8.3 per cent to N85.3bn, supported by transaction banking activities, digital banking revenues, and foreign exchange-related income. This pushed operating income up by 79.6 per cent to N420.6bn, highlighting stronger contributions from core banking operations.
The growth in revenue translated into improved profitability, with profit before tax rising by 116.4 per cent to N221.9bn, while profit after tax increased by 125.4 per cent to N194.5bn, indicating strong earnings conversion.
Operating expenses rose by 51.0 per cent to N198.8bn from N131.7bn in 2024, reflecting inflationary pressures, regulatory costs, and continued investment in technology and business expansion.
Despite the increase, the bank achieved positive operating leverage as revenue growth outpaced cost growth.
This was reflected in improved efficiency, with the cost-to-income ratio declining to 47.3 per cent from 56.2 per cent, signalling stronger cost management.
Net loans and advances increased by 44.7 per cent to ₦1.74tn from ₦1.20tn, underscoring the bank’s support for key sectors of the economy alongside a disciplined risk management approach. Total assets also rose by 41.5 per cent to ₦5.07tn, driven by loan growth and investment in high-yielding assets.
Customer deposits grew by 30.3 per cent to ₦3.29tn from ₦2.52tn, reflecting sustained customer confidence and the success of the bank’s retail and corporate deposit mobilisation strategy.
Profitability ratios remained strong, with Return on Average Equity improving to 44.4 per cent and Return on Average Assets rising to 4.5 per cent from 2.96 per cent, indicating better asset utilisation.
However, asset quality showed some pressure, as the non-performing loan ratio increased to 4.90 per cent from 3.86 per cent, reflecting macroeconomic challenges, though it remained within manageable levels.
The bank also announced a dividend of ₦1.25 per share for shareholders.
Commenting on the performance, the Managing Director/Chief Executive Officer, Moruf Oseni, said, “Wema Bank has delivered one of the strongest growth trajectories in its history. From a Profit Before Tax of ₦14.75bn three years ago, we grew to ₦43.59bn in 2023 and reached ₦102bn in 2024. In 2025, we have taken an even bolder step forward, recording a Profit Before Tax of ₦221bn. This performance reflects disciplined execution, a resilient business model, and the unwavering commitment of our people.”
He added that digital innovation remains central to the bank’s growth strategy, highlighting the launch of ALAT 2.0 as a major milestone. “With ALAT 2.0, we are redefining the digital banking experience through enhanced intelligence, deeper personalization, and greater flexibility. It strengthens our position as a leading digital-first bank and expands our capacity to serve customers more intuitively and at scale.”
Oseni further disclosed that the bank has successfully completed its capital raise, fully meeting the Central Bank of Nigeria’s recapitalisation requirements ahead of the regulatory deadline, positioning it for sustained growth and long-term stability.
