Wema Bank Plc recorded a strong financial performance in the 2025 financial year, posting a profit for the year of N193.19bn, representing a 124 per cent increase from the N86.28bn recorded in 2024.
The bank’s audited financial statements for the year ended 31 December 2025 showed that the improved performance was driven by growth in interest income, higher loan creation, and expansion in customer deposits, despite rising operating costs.
Interest income rose 62.7 per cent to N577.10bn in 2025, from N354.63bn in the previous year, reflecting growth in interest-earning assets and improved yields. Interest expense also increased 22.2 per cent to N217.00bn, from N177.57bn in 2024.
As a result, net interest income grew 103.4 per cent to N360.10bn, compared with N177.06bn recorded in the prior year. After impairment charges for credit losses, net interest income stood at N337.15bn, up 116.9 per cent from N155.41bn in 2024.
Impairment losses on financial assets increased 6.0 per cent to N22.96bn, from N21.65bn in the previous year, reflecting a more cautious risk stance amid prevailing macroeconomic conditions.
Non-interest income was supported by higher transaction volumes, as net fee and commission income rose 4.2 per cent to N57.92bn, compared with N55.58bn recorded in 2024. However, net trading income declined to N8.39bn from N3.44bn, while other income fell 48.6 per cent to N8.88bn.
Operating income rose sharply 76.5 per cent to N413.33bn, from N234.21bn in the prior year. This was partly offset by rising expenses, as personnel costs increased 54.3 per cent to N70.18bn, while other operating expenses climbed 40.2 per cent to N108.59bn.
Profit before tax increased 116.6 per cent to N222.07bn, compared with N102.52bn in 2024. After tax, profit for the year settled at N193.19bn.
On the balance sheet, 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, compared with N1.20tn in the previous year, underscoring strong credit expansion.
Customer deposits rose 30.1 per cent to N3.28tn, from N2.52tn in 2024, reflecting improved customer confidence and balance-sheet growth.
Total equity attributable to shareholders increased 142.4 per cent to N621.70bn, from N256.42bn, supported by retained earnings and capital accretion.
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