Banking and Finance
Wema Bank Releases Audited Results for FY 2024, Profit Before Tax Soars 135% to ₦102.5bn Billion; Proposes N1.00 final dividend per share; commences N150bn Rights issue in April 2025
Lagos, Nigeria – Wema Bank Nigeria (“Wema” or “the Bank”)) has released its audited Consolidated Financial Statements for the period ended December 31st, 2024, to the Nigerian Exchange Group (NGX).
Wema Bank reported profit before tax of ₦102.51bn, representing an increase of 135% 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.
The Bank’s Balance sheet remained well structured, diversified and resilient with Total Assets growing by 60% to ₦3,585.05bn in FY 2024 from ₦2,240.06bn in FY 2023. The bank also grew its deposit base year on year by 36% to ₦2,523.82bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 50% to ₦1,201.21bn in FY 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.86% as at end of FY 2024.
The bank recorded improved year on year performance as Gross Earnings grew by 92% to ₦432.34bn (FY 2023: ₦225.75bn). Interest Income was up 92% y/y to ₦353.54bn (FY 2023: ₦184.48bn). Also, Non-Interest Income was up 91% y/y to ₦78.80bn (FY 2023: ₦41.27bn).
Return on Equity (ROAE) of 43.60%, Return on Assets (ROAA) of 2.96%, Capital Adequacy Ratio (CAR) of 19.67% and Cost to Income ratio of 56.23% underscore the commercial bank’s resilience and financial strength.
The Managing Director/CEO of the Bank, Mr. Moruf Oseni stated that the strong 2024 FY 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.
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. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 135%. The growth of Gross Earnings by 92%, Total Assets by 60% and earnings per share at 483.20kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 56.23% 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.
Banking and Finance
Union Bank’s Edu360 Initiative Fuels Future Stars at Greensprings Football Academy
Photo caption:L-R: Bukola Ayeni, Lead External Communications, Union Bank of Nigeria; West Bromwich Albion Football Club coaches; Mrs Lai Koiki, Founder and CEO, Greensprings School and participants of the 11th Greensprings Football Camp sponsored by Union Bank of Nigeria under its Edu360 initiative at the school’s Awoyaya campus in Lekki, Lagos recently.
Lagos, Nigeria – Union Bank has again demonstrated its commitment to youth development and quality education by sponsoring the 11th edition of the Greensprings Football Academy. The five-day training camp, held from April 13 to April 17, 2025, at the School’s Lekki campus, catered to children aged 5 to 17. Participants received expert coaching from top international coaches affiliated with the West Bromwich Albion Football Club, Dutch Football Association and the English Football League (EFL), alongside support from coaches from the Lagos State Football Association and Nigerian football legend Victor Ikpeba, “The Prince of Monaco.”
The closing ceremony, held on April 17, 2025, was graced by notable guests from the football community, including Lagos State FA Chairman Laimeed Gafar with Samuel Jake Whitmore, Jordan Hall and Owen Jones, West Bromwich Albion coaches.
During the closing ceremony, Bukola Ayeni, Lead External Communications, Union Bank of Nigeria, stated, “Union Bank is a sponsor in the Greenspring Football Academy under our Edu360 initiative, which aligns with one of our core values of being Community Focused. Edu360 is the Bank’s initiative to promote quality education, whether formal or informal, which includes sports and supports SDG 4 on Quality Education. With 108 years of legacy of being Nigeria’s most reliable and trusted partner, the Bank’s Edu360 Initiative demonstrates our unwavering commitment to investing in the leaders of today and tomorrow.”
Mrs Lai Koiki, the Founder and CEO of Greensprings School, mentioned, “We are being future-ready, we are preparing the youth for the future for football and leadership.”
Victor Ikpeba lauded the school’s effort and sponsors, stating, “This is a school that empowers boys and girls in education, especially football.”
The Greensprings Football Academy has a proven record of producing professional players, with some graduates playing for the Under-17 National Team of Nigeria. This year, the top students, Alabi Aliami and Ayodeji Boluwatife, were awarded additional virtual training sessions with the coaches, amongst other benefits.
The success of the Greensprings Football Academy underscores the unifying power of football across cultures and nations. Union Bank remains dedicated to fostering youth development and quality education through initiatives like the GreenSprings Football Academy.
Banking and Finance
Union Bank Rewards Customers with Motorcycles, Cash Prizes in 3rd Save and Win Palli Promo 4 Monthly Draw
Lagos, Nigeria— Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.
The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions. For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.
Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000. This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.
To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.
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Note to Editors:
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries:
Favour Ayeni
+234 0201 2716800
Email: mediarelations@unionbankng.com
LAGOS, NIGERIA – April 16, 2025 – Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London. The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom. The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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