Prime Business AfricaWema Bank closed 2024 with N433.43 billion gross earnings, surpassing the N226.91 billion revenue generated in 2023, indicating a year-on-year growth of 91 percent.
According to the company’s annual report for the financial year ended December 31, 2024, Wema Bank also grew its interest income by 91 percent from N185.64 billion to N354.63 billion.
Join our WhatsApp ChannelDuring the same period, the financial institution saw an increase of 89 percent in its interest expense, as it paid N177.56 billion to grow and retain deposits compared to the N93.92 billion reported in 2023.
The increase followed a 35.64 percent rise in Wema Bank’s depositors’ funds, which rose from N1.86 trillion to N2.52 trillion.
After accounting for interest expense, the bank recorded N177.06 billion in net interest income last year, surpassing the N91.72 billion reported the previous year, indicating a 93 percent increase.
Furthermore, Wema Bank reported its profit before tax (PBT) grew to N102.51 billion in 2024, which is 141.09 percent higher than the N42.52 billion PBT posted in 2023.
This was, however, cut down by an income tax of N16.23 billion last year, as it increased by 148.58 percent from N6.53 billion tax payment the year before.
Despite the burden of triple-digit growth in Wema Bank’s income tax, the company’s profit after tax (PAT) grew threefold, from N35.98 billion to N86.27 billion – indicating a 139.73 percent increase in net income.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
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