Wema Bank Targets Tier-1 Status After Profit Surges to N221.8 Billion

Wema Bank has set its sights on joining Nigeria’s tier-one banking league after posting a sharp rise in profit for the 2025 financial year, driven by stronger earnings, digital expansion, and capital growth plans.

The announcement was made by the bank’s chief executive, Moruf Oseni, during its annual general meeting in Lagos, where he highlighted what he described as a consistent three-year upward trajectory in performance.

According to the audited results for the year ended December 31, 2025, profit before tax rose to N221.8 billion, marking a 116.44 per cent increase from N102.5 billion recorded in 2024.

Oseni said the growth reflects sustained execution of the bank’s long-term strategy, pointing out that profits had climbed steadily from N42 billion in earlier years to over N221 billion, representing nearly a fivefold increase within three years.

He attributed the improvement to structural reforms, disciplined execution, and investments made during earlier transformation phases, adding that the institution is now deliberately positioning itself for top-tier banking status.

The bank also confirmed plans to deploy proceeds from its recent capital raise into key growth areas, including loan expansion, digital banking infrastructure, and cybersecurity upgrades.

Oseni further noted that the lender is pursuing a “follow-the-money” strategy aimed at expanding its branch network into commercially viable locations while strengthening its presence nationwide.

Despite the strong profit growth, he said the bank would maintain a balanced dividend policy, prioritising long-term expansion opportunities over aggressive short-term payouts to shareholders.

Board chair, Oluwayemisi Olorunshola, also marked the bank’s 80th anniversary, describing it as Nigeria’s oldest surviving indigenous bank and reaffirming its commitment to building a future-ready institution.

The bank’s latest results show total assets rising to N5.07 trillion, while earnings per share climbed to N7.12, reflecting broad-based growth across lending, investment securities, and cash holdings.

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