In the first half of 2025, Nigeria’s oldest indigenous bank, Wema Bank Plc, boosted its profit after tax by 231 per cent to N101.2 billion from N30.55 billion in the same period of last year.
The financial institution recently released its unaudited consolidated financial statements for the half-year period ended June 30, 2025, to the Nigerian Exchange Group (NGX).
The result showed that the bank’s gross earnings also increased by 70 per cent to N303.2 billion from N178.6 billion in the first half of 2024, with interest income growing by 65 per cent to N240.1 billion from N145.5 billion, and the non-interest income expanding by 91 per cent to N63.08 billion from N33.10 billion in H1 2024.
The financial statements established an encouraging and well-structured balance sheet, with total assets up to N3.963 trillion in H1 2025 from N3.585 trillion in the same period of last year.
The deposit base increased by 3 per cent on a year-to-date basis to N2.60 trillion from N2.523 trillion in FY 2024, loans and advances grew by 19 per cent to N1.426 trillion from N1.201trillion in FY 2024, and the non-performing loan (NPL) ratio remained at 3.17 per cent as at H1 2025, guaranteeing its consistent maintenance of asset quality.
These positive indicators do not just reflect Wema Bank’s effectiveness and financial competence, but also its commendable ability to ensure its growth momentum isn’t derailed, while delivering top value to all of its customers.
Reacting, the chief executive of Wema Bank, Mr Moruf Oseni, waxed lyrical about how the company has stayed committed to setting the bar very high in Nigeria’s banking sector, stressing that the goal is to keep impacting the lives of its stakeholders positively.
He concluded by appreciating everyone who has been a part of the financial institution’s success story over the years.
“For 80 years, Wema Bank has redefined impossible, consistently breaking new ground and raising the bar in delivering positive impact. 3 years ago, we took our Profit Before Tax from ₦14.75 billion in 2022 to ₦43.59 billion in 2023, and in 2024, our PBT stood at an impressive ₦102 billion. Now, just halfway through 2025, we have achieved over 99% of our 2024 full-year PBT in just H1, and for us, this is just a starting point.
As a Bank, we have remained committed to surpassing expectations and redefining limitations and this is a standard we are prepared to uphold relentlessly. Wema Bank is the Bank that works for all and we will continue to pull all stops in delivering optimum value to every stakeholder, from our shareholders to customers, employees, partners, regulators, and every person and institution who has played a part in our 80-year journey and beyond,” he said.
Known for its unparalled banking service for more than 80 years, Wema Bank’s Unaudited Financial Results further prove its readiness and determination to maintain its already-rich legacy for many more years to come.
Folami David writes on trends and pop culture. He is a creative writer, and he is passionate about music and football.