Wema Bank To Begin N150bn Rights Issue In April
Wema Bank Plc has said that its capital raise program will commence in April 2025 with a N150bn Rights Issue.
The Managing Director/CEO of the Bank, Mr Moruf Oseni, made the disclosure in its full-year 2024 audited financial statement available to THE WHISTLER.
The bank reported profit before tax of ₦102.51bn, representing an increase of 135 per cent over the ₦43.59bn recorded in the corresponding period in 2023.
The bank also proposed a dividend of N1.00 per share on the back of the impressive result.
Total Assets grew by 60 per cent to N3.585tn in 2024 from N2.240trn in 2023.
The bank also grew its deposit base year-on-year by 36 per cent to ₦2.523tn from ₦1.860tn reported in 2023.
Loans and Advances grew by 50 per cent to ₦1,201trn in 2024 from ₦801.10bn in 2023. NPL stood at 3.86 per cent as at end of 2024.
The bank recorded improved year on year performance as gross earnings grew by 92 per cent to ₦432.34bn from ₦225.75bn in 2023.
Interest Income was up 92 per cent to ₦353.54bn as against ₦184.48bn reported in 2023. Also, non-interest income was up 91 per cent to ₦78.80bn from ₦41.27bn in 2023.
Oseni stated that the 2024 full year performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management and digital banking.
“Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services. ALAT our flagship digital platform continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace.
“An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible,” he said.
He said that despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices reflecting the quality and resilience of the workforce.
“In addition, our cost-to-income ratio of 56.23 per cent has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150bn Rights Issue,” he said.
Wema Bank To Begin N150bn Rights Issue In April is first published on The Whistler Newspaper
