Wema Bank, Nigeria’s oldest indigenous bank, received overwhelming shareholder commendation at its 2024 Annual General Meeting, following a record-breaking financial performance including a 135.16% surge in Profit Before Tax and significant growth in deposits and assets

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, garnered a unanimous vote of confidence from its shareholders during its virtual 2024 Annual General Meeting (AGM) held on Thursday, May 22, 2025.

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This strong endorsement follows the disclosure of the bank’s “record-breaking” financial performance for the year ended 2024.

According to the bank’s 2024 Annual Report, Wema Bank achieved an all-time-high performance, with Gross Earnings soaring by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024.

Profit before Tax (PBT) impressively surged by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, while Profit After Tax (PAT) climbed by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023.

The bank’s financial stability was further highlighted by a 35.65% increase in Total Deposits to N2,523.82 billion in FY 2024 from N1,860.57 billion in FY 2023.

Total Assets reached N3,585.05 billion in FY 2024, representing a substantial 60.04% increase over the N2,240.06 billion recorded in the corresponding year of 2023, solidifying the bank’s position well above the One Trillion Naira mark it surpassed in Q3 2021.

Wema Bank also reported a 49.94% growth in loans to customers, closing FY 2024 at N1,201.21 billion from N801.10 billion in 2023.

The bank’s Non-Performing Loan (NPL) rate also saw a reduction, closing at 3.86%.

I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance.

Shareholders expressed widespread satisfaction with the bank’s performance. Mr. Matthew Akinlade lauded the management for a “very outstanding” performance, while Ambassador Doctor Olatunde Okelana described the results as “historical,” commending the bank’s proactive approach to employee well-being.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, particularly praised the bank’s “outstanding performance despite the challenging macroeconomic performance” and highlighted its “impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio.”

She also commended the bank’s “succession plan” and the board’s “100% attendance in meetings.”

Dr. Oluwayemisi Olorunshola, Chairman of Wema Bank, expressed the bank’s gratitude to all stakeholders for their support, reiterating the commitment to sustained growth.

Moruf Oseni, the bank’s MD/CEO, outlined plans for continued growth, stating, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank.”

He also informed shareholders that while the N150 billion Rights Issue window ended yesterday, May 21, 2025, a motion has been raised to seek approval for an additional N50 billion through private placement in June 2025.

This move aims to achieve a “qualifying capital slightly north of N267 billion,” ensuring the bank’s continued resilience and robust presence in the industry.

The 2024 AGM saw shareholders authorise key decisions, including the re-election of board members, approval of remuneration for Audit and Board members, and the payment of a dividend of N1 per share.