Wema Bank, Nigeria's longest-surviving indigenous bank, reported full-year 2024 gross earnings of NGN 433.43 billion, a 91% rise on the prior year, and profit before tax of NGN 102.5 billion — an increase of 135% year-on-year and the highest profitability the Lagos-headquartered lender has recorded in at least five years, according to results published at the end of March 2025.
The Central Bank of Nigeria raised its benchmark monetary policy rate from 18.75% to 27.5% over 2024.
NET INTEREST INCOME AND PROFIT
Net interest income growth, as assets repriced to reflect a CBN policy rate that reached 27.5%, was the main factor behind the profit improvement.
Profit after tax rose 140.1% to NGN 86.29 billion from NGN 35.93 billion.
ALAT AND BANK BACKGROUND
Wema Bank also operates ALAT, a fully digital banking platform.
Wema was founded in 1945 and was originally known as Agbonmagbe Bank.