Wema Bank Plc recorded a strong financial performance in the 2025 financial year, with profit after tax rising 124 per cent to N193.19bn from N86.28bn in 2024.
The bank’s audited financial statements for the year ended 31 December 2025 showed that the performance was driven by higher interest income, robust loan growth, and increased customer deposits, despite rising operating expenses.
Interest income grew by 62.7 per cent to N577.10bn in 2025, compared with N354.63bn in the previous year, reflecting expansion in interest-earning assets and improved yields. Interest expenses also rose, increasing by 22.2 per cent to N217.00bn from N177.57bn.
As a result, net interest income more than doubled, rising 103.4 per cent to N360.10bn from N177.06bn in 2024. After accounting for impairment charges, net interest income stood at N337.15bn, representing a 116.9 per cent increase year-on-year.
Impairment losses on financial assets increased moderately by 6.0 per cent to N22.96bn, up from N21.65bn in 2024, reflecting a cautious approach to risk management amid challenging macroeconomic conditions.
Non-interest income benefited from higher transaction volumes, as net fee and commission income rose 4.2 per cent to N57.92bn from N55.58bn in the prior year. However, trading income declined, while other income fell sharply during the period.
Overall operating income climbed 76.5 per cent to N413.33bn, compared with N234.21bn in 2024. This growth was partly offset by higher costs, as personnel expenses increased 54.3 per cent to N70.18bn, while other operating expenses rose 40.2 per cent to N108.59bn.
Profit before tax increased by 116.6 per cent to N222.07bn from N102.52bn in the previous year, while profit after tax settled at N193.19bn.
On the balance sheet, Wema Bank’s total assets expanded 40.8 per cent to N5.06tn, from N3.59tn as at December 2024. Loans and advances to customers grew 45.4 per cent to N1.75tn, underscoring strong credit expansion.
Customer deposits rose 30.1 per cent to N3.28tn, while shareholders’ equity jumped 142.4 per cent to N621.70bn, supported by retained earnings and capital accretion.
