Wema Bank targets tier-1 status as profit hits N221.9bn in 2025

Wema Bank Plc says it is intensifying efforts to join Nigeria’s tier-one banking group in the near term, through strong earnings growth, fresh capital inflows, and a strategic expansion drive.

The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, made this known at the bank’s Annual General Meeting (AGM) in Lagos on Wednesday, May 20, 2026.

The bank’s audited results for the year ended December 31, 2025, showed profit before tax of N221.8 billion, a 116.44 per cent increase from N102.5 billion in 2024.

Wema Bank said the growth was driven largely by strong interest income, which rose to N576 billion from N354.6 billion, supported by loans and advances, investment securities and cash holdings.

Total assets also climbed to N5.07 trillion from N3.5 trillion, while earnings per share rose to N7.12 from N4.83.

Oseni said the institution had recorded a deliberate and consistent improvement in profitability over the past three years.

Oseni said management and staff were intentionally positioning the bank for top-tier status, pointing to a sharp rise in earnings as evidence of sustained execution of its growth strategy.

He disclosed that the bank’s profit trajectory rose from N42 billion to N102.51billion and further to N221.9 billion in the 2025 financial year, representing nearly a fivefold increase within three years.

Oil prices rise amid uncertainty over Iran peace talks

The Wema Bank CEO attributed the performance to disciplined execution, structural reforms and long-term investments made during earlier transformation phases.

“If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks,” Oseni said.

On dividend policy, the Wema Bank chief said the institution remained committed to rewarding shareholders, but would continue to balance payouts with the need to preserve capital for future growth opportunities.

“We’re keeping our gunpowder dry. We felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of,” Oseni added.

He hinted that the bank was positioning for strategic opportunities, although details were not disclosed.

Oseni also commended staff, describing them as the “Knights of Wema Bank” for their dedication in driving the institution’s performance, while acknowledging shareholders, board members and customers for their continued support.

Oseni said proceeds from the bank’s recent capital raise would be deployed into three key areas, including expansion of its loan portfolio, strengthening of digital banking platforms, and enhancement of cybersecurity infrastructure.