Lagos, Nigeria – July 31, 2025 – Wema Bank Plc, Nigeria’s oldest indigenous financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has reported an outstanding Profit Before Tax (PBT) of ₦101.2 billion for the first half of 2025. This marks a staggering 231% year-on-year increase compared to ₦30.55 billion recorded in H1 2024.
In its unaudited consolidated financial statements submitted to the Nigerian Exchange Group (NGX), the Bank also reported a 70% rise in gross earnings, which climbed to ₦303.20 billion from ₦178.63 billion in the corresponding period last year.
Interest income surged by 65% year-on-year to ₦240.12 billion, while non-interest income jumped 91% to ₦63.08 billion, reflecting strong diversification in revenue streams and continued momentum from the bank’s digital banking strategy.
Robust Balance Sheet and Asset Quality
Wema Bank’s total assets rose to ₦3.963 trillion in H1 2025, up from ₦3.585 trillion in the same period last year. Customer deposits also saw a modest 3% increase, reaching ₦2.60 trillion from ₦2.523 trillion at the end of FY 2024.
The Bank’s loan book grew significantly, with Loans and Advances increasing by 19% to ₦1.426 trillion from ₦1.201 trillion. Despite the expansion, asset quality remained strong, with a Non-Performing Loan (NPL) ratio of 3.17%—well within regulatory thresholds.
Strong Profitability and Efficiency Metrics
Wema Bank’s financial performance was further underscored by key efficiency indicators:
Return on Average Equity (ROAE): up 60.40%
Return on Average Assets (ROAA): up 4.64%
Capital Adequacy Ratio (CAR): improved by 13.68%
Cost-to-Income Ratio: enhanced by 47.55%
CEO Comments on Performance
Commenting on the results, Wema Bank’s Managing Director and CEO, Moruf Oseni, attributed the performance to the Bank’s relentless focus on innovation, operational efficiency, and stakeholder value.
> “For 80 years, Wema Bank has redefined the impossible—breaking new ground and delivering impact. From ₦14.75 billion in 2022 to ₦102 billion in full-year 2024, and now ₦101.2 billion just halfway into 2025, our growth trajectory is clear,” Oseni stated.
> “We are not just maintaining pace—we are accelerating. Wema Bank will continue to set benchmarks and deliver value to shareholders, customers, employees, and partners.”
Outlook
With a history of resilience and innovation, Wema Bank appears well-positioned to exceed its 2024 full-year performance and reinforce its leadership in Nigeria’s fast-evolving digital banking landscape. If current trends persist, the Bank could set new performance records by year-end.
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