• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, July 26, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Shareholders Commend Wema Bank At 2024 AGM

Express confidence in stable future following FY 2024 performance

by BUKOLA ARO-LAMBO
2 months ago
in Business
Wema Bank
Share on WhatsAppShare on FacebookShare on XTelegram

Wema Bank, Nigeria’s oldest indigenous, most innovative bank and pioneer of Africa’s first-fully digital bank, ALAT, has received a unanimous vote of confidence from its shareholders across Nigeria as it disclosed a record-breaking financial performance at its 2024 Annual General Meeting (AGM).

Advertisement

The Wema Bank 2024 AGM held virtually in Lagos on Thursday, May 22, 2025.

According to the Bank’s 2024 Annual Report, Wema Bank, in 2024, recorded an all-time-high performance, with Gross Earnings growing by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024; Profit before Tax (PBT) increasing by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, and Profit After Tax (PAT) increasing by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023; Total Deposits rose by 35.65% to N2,523.82 billion in FY 2024 from N 1,860.57 billion in FY 2023 and Total Assets stood at N3,585.05billion in FY 2024, representing a 60.04% increase over the N2,240.06billion recorded in the corresponding year of 2023 and placing the Bank squarely above the One trillion Naira mark, a milestone the Bank surpassed in Q3 2021.

The Bank also grew its loans to customers by 49.94% to close FY 2024 at N1,201.21 billion from the N801.10 billion recorded in 2023. Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance as the Bank continues to record growth in its retail deposit drive. 2024 has proven beyond doubt to be an exceptional for the Bank with earnings growing by 91.51% year on year with earnings per share at 483.2 kobo. Additionally, the Bank’s Non-Performing Loan rate closed at 3.86%, a reduction from FY 2023 position. It is no surprise that the Bank received unanimous commendation from shareholders, with both internal and external stakeholders expressing full confidence in the Bank’s stable outlook and successful financial future.

Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.

RELATED

Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

19 hours ago
Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

19 hours ago

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, also added, “I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance. On gender inclusion, I would also like to commend Wema Bank for an impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio. Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100% attendance in meetings, which shows a full commitment on their part”.
Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.

Alluding to the Bank’s plan for sustaining the gargantuan growth recorded in 2024, Moruf Oseni, the Bank’s MD/CEO, added, “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. The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.

“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.

Wema Bank 2024 AGM saw the Bank’s shareholders authorise a number of decisions including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.

From marking the incredible milestone of its 80th anniversary to making significant strides towards meeting the CBN recapitalisation benchmark for 2026 and achieving a record-breaking 2024 financial performance that has sustained an unparalleled growth streak over the past decade, Wema Bank has proven its capacity to remain at the forefront of the African financial industry without compromising on delivering unmatched value to stakeholders.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Wema Bank Plc
SendShareTweetShare
Previous Post

South-West Govs Harp On Regional Integration For Economic Dev’t

Next Post

Police Arrest Journalist Who Exposed ‘Smear Campaign’ Against Natasha

BUKOLA ARO-LAMBO

BUKOLA ARO-LAMBO

You May Like

Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs
Business

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

2025/07/25
Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings
Business

Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

2025/07/25
Dangote Donates Bags Of Rice To 48 Charity Groups In Abuja
Business

Dangote Sugar Posts N430.21bn Revenue In H1

2025/07/25
Gas Supply Shortages, Infrastructure Deficiency Bane Of Power Sector Growth –Nnaji
Business

Gas Supply Shortages, Infrastructure Deficiency Bane Of Power Sector Growth –Nnaji

2025/07/25
FMN Rewards 3 Innovative Local Businesses With N10m Cash Prize
Business

Moody’s Upgrades Ecobank Ratings Outlook To Stable

2025/07/25
Equities Extend Losses By N345bn
Business

Stock Market Trades Above N84trn

2025/07/25
Leadership Conference advertisement

LATEST

Afenifere Counters Kwankwaso On Alleged Marginalisation Claim

Tinubu Meets GENCOs, Seeks Time To Verify ₦4trn Debt

Court Jails 2 For Impersonating EFCC Officials In Kano

Troops Arrest 237 Suspected Oil Thieves, Recover N241m Products

FirstBank, NiDCOM’s New Platform Targets Safer Home Ownership For Nigerians Abroad

Transfer: Gyokeres For Arsenal’s Medical Saturday

2027: ADC Raises Committee On Membership Registration In Edo

Police Arrest 19 Suspected Cultists In Abuja

Man Nabbed Over Attempted Murder, Motorcycle Theft In Bauchi

Gov Ododo Appoints Onuche Aide On Grassroots Engagement

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.