Economy
Wema Bank Records 135 Per Cent Profit Growth
Wema Bank Records 135 Per Cent Profit Growth
Wema Bank records 135 per cent profit growth. Wema Bank has recorded a profit before tax of N102.51 billion. This marks an increase of 135 per cent compared to the N43.59 billion recorded in 2023.
Wema Bank has recorded a profit before tax of N102.51 billion. This marks an increase of 135 per cent compared to the N43.59 billion recorded in 2023.
The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024.
In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.585 billion in 2024.
Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to N2.523 billion from N1.860 billion.
Loans and advances increased by 50 per cent, reaching N1.201 billion in 2024 from N801.10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.
The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to N432.34 billion, compared to N225.75 billion in 2023.
Interest income rose by 92 per cent year-on-year to N353.54 billion from N184.48 billion, while non-interest income increased by 91 per cent to N78.80 billion.
The bank reported a return on equity of 43.60 per cent, a return on assets of 2.96 per cent, and a capital adequacy ratio of 19.67 per cent.
Its cost-to-income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.
Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.
“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.
He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.
“One example is ALAT XPlore, Nigeria’s first licensed banking app for teenagers aged 13 to 17, designed to build financial skills and responsibility,” Mr Oseni said.
Wema Bank Records
Despite a challenging operating environment, the bank continues to grow across all financial indices, demonstrating the workforce’s resilience and expertise.
“The standout performance is Profit Before Tax, which surged by 135 per cent,” he added.
Mr Oseni noted that the 92 per cent rise in gross earnings, 60 per cent growth in total assets, and 483.20 kobo earnings per share strengthened the balance sheet.
“Our cost-to-income ratio of 56.23 per cent has significantly improved from the previous period,” he stated.
He also announced that the bank’s capital raise programme would begin in April 2025 with a N150 billion rights issue.
NNPC Ltd Strengthen Strategic Partnerships At CERAWeek 2026
NNPC Limited continues to strengthen strategic partnerships at CERAWeek 2026, with high-level engagements focused on advancing Nigeria’s upstream growth and investment outlook.
Speaking after a meeting with senior executives from Chevron Corporation, the Group Chief Executive Officer, NNPC Ltd., Engr. Bashir Bayo Ojulari, stated: “Our discussions focused on strengthening our long-standing partnership and aligning our strategic priorities to drive production growth, deepen gas development, and expand opportunities in the deepwater sector.”
NNPC
Noting that NNPC Limited is leveraging the enabling investment climate to advance new, high-impact projects and expand its portfolio, the GCEO said the Company is committed to working with partners to ensure Nigeria’s energy sector remains competitive, resilient, and globally relevant.
CBN Acknowledges High Court Ruling Over Dissolution Of Union Bank Board
Union Bank board. The court ruled that the CBN acted beyond its legal powers and, therefore, overturned that decision.
(CBN), on Thursday, acknowledged the judgement of a Federal High Court, Lagos Division, over its regulatory action on the Union Bank of Nigeria Plc (UBN) in January 2024.
This is contained in a statement by its acting director, Corporate Communications Department, Hakama Sidi-Ali, made available to journalists in Abuja.
Ms Sidi-Ali said that the apex bank was currently obtaining the Certified True Copy of the judgement and would review it carefully. She reaffirmed the CBN’s unwavering commitment to the rule of law.
“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes.
“The CBN assures the public that UBN’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.
“The CBN will continue to provide the necessary regulatory oversight to ensure that the Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system,” she said.
CBN
The court ruling of Wednesday relates to an earlier action taken by the CBN in January 2024, which dissolved UBN’s board and management.
The court ruled that the CBN acted beyond its legal powers and therefore overturned that decision.
Kano Governor Yusuf Sacks Commerce Commissioner
Kano Governor Yusuf sacks commerce commissioner. Mr Yusuf expressed appreciation for the services rendered by the former commissioner.
Governor Abba Yusuf of Kano State has sacked Shehu Sagagi, commissioner for investment, commerce and industry, with immediate effect.
This is contained in a statement issued on Thursday in Kano by the governor’s spokesperson, Sunusi Dawakin-Tofa.
He said that Mr Sagagi has been directed to hand over the affairs of the ministry to the director of commerce pending further directives.
Mr Yusuf expressed appreciation for the services rendered by the former commissioner during his tenure in office.
He acknowledged Mr Sagagi’s contributions to the development of the state, particularly in politics, religion, and the growth of small and medium-sized enterprises.
Abba Yusuf
The governor wished him success in his future endeavours and reassured the public that his administration remains committed to efficient service delivery and to the ongoing strategic realignment of government structures for sustainable development in Kano State.
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