Wema Bank Grows Assets To N5.07trn, Deposits Hit N3.29trn

Wema Bank Plc has released its financial report for the 2025 financial year, with total assets rising to N5.07trn and customer deposits increasing to N3.29trn, underscoring balance sheet expansion.

The lender’s audited results show that gross earnings grew by 52.8 per cent to N660.6bn, up from N432.3bn in 2024, driven largely by a 62.7 per cent increase in interest income. The growth reflects improved yields on earning assets and continued expansion of the bank’s loan portfolio.

Net interest income more than doubled during the period, rising by 103.9 per cent to N361.0bn, supported by stronger asset pricing and higher volumes of interest-earning assets.

Non-interest income also recorded moderate growth of 8.3 per cent to N85.3bn, bolstered by transaction banking, digital banking revenues, and foreign exchange-related income.

Overall, operating income rose sharply by 79.6 per cent to N420.6bn, highlighting improved revenue generation capacity across core banking operations.

The performance translated into r profitability, with profit before tax increasing by 116.4 per cent to N221.9bn, while profit after tax rose by 125.4 per cent to N194.5bn.

Despite inflationary pressures and increased regulatory and technology-related expenses, the bank maintained operational efficiency.

Operating expenses grew by 51.0 per cent to N198.8bn, but revenue growth outpaced costs, resulting in positive operating leverage.

Consequently, the cost-to-income ratio improved significantly to 47.3 per cent from 56.2 per cent in the previous year.

On the asset side, net loans and advances expanded by 44.7 per cent to N1.74trn, reflecting the bank’s continued support for key sectors of the economy while maintaining prudent risk management practices.

The growth in total assets to N5.07trn was largely driven by this loan expansion and increased investment in high-yielding assets.

Customer deposits rose by 30.3 per cent to N3.29trn from N2.52trn in 2024, demonstrating sustained trust in the bank’s retail and corporate banking offerings. The growth in deposits provided a stable funding base for asset expansion while strengthening liquidity and overall balance sheet resilience.

Commenting on the results, the Managing Director and Chief Executive Officer, Moruf Oseni, described the performance as one of the strongest in the bank’s history.

He noted that profit before tax has grown significantly over the past three years, rising from N14.75bn to N221bn in 2025, reflecting disciplined execution and a resilient business model.

Oseni highlighted digital innovation as a key driver of growth, pointing to the launch of ALAT 2.0 as a major milestone in enhancing customer experience through improved personalization and flexibility.

He added that the bank has also successfully completed its capital raise, meeting the recapitalization requirements set by the Central Bank of Nigeria ahead of schedule.

The bank’s 2025 performance underscores its strong growth trajectory, improved efficiency, and strategic positioning as a leading digital-first financial institution in Nigeria’s banking sector.

Complementing the Bank’s strong earnings performance, he added that Wema Bank has successfully completed its capital raise, fully meeting the Central Bank of Nigeria’s recapitalization requirements well ahead of the regulatory deadline, further positioning the Bank for sustained growth and long-term stability.