Wema Bank Plc has announced a substantial increase in its financial performance for the audited full year 2025, with Profit Before Tax (PBT) surging by 116 percent to N221.85 billion. This marks a significant improvement from the N102.51 billion recorded in the full year 2024.
The bank has also met regulatory requirements to operate as a Commercial Bank with National Authorisation. In line with its performance, Wema Bank will pay a dividend per share of N1.25 for the year ended December 31, 2025.
Wema Bank demonstrated strong revenue growth in FY 2025, with gross earnings climbing by 52.8 percent to N660.6 billion, up from N432.3 billion in FY 2024. This growth was primarily fueled by a 62.7 percent increase in interest income, attributed to improved yields on earning assets and expansion in the loan portfolio.
Net interest income more than doubled, rising by an impressive 103.9 percent to N361 billion. This was supported by better asset pricing and overall balance sheet expansion. Non-interest income also saw a modest growth of 8.3 percent, reaching N85.3 billion, driven by transaction banking activities, digital banking revenues, and foreign exchange-related income.
Overall, the bank's operating income experienced a 79.6 percent increase, rising to N420.6 billion. This growth reflects Wema Bank's enhanced revenue generation capabilities and a stronger contribution from its core banking operations.
The significant improvement in operating income directly supported profitability. Profit Before Tax (PBT) rose by 116.4 percent to N221.9 billion, while Profit After Tax (PAT) increased by 125.4 percent to N194.5 billion, showcasing effective earnings conversion.
Operating expenses for Wema Bank saw an increase of 51 percent, reaching N198.8 billion compared to N131.7 billion in FY 2024. This rise is attributed to inflationary pressures, regulatory costs, and ongoing investments in technology and business expansion. Despite the increase in costs, the bank achieved positive operating leverage, with revenue growth outpacing cost growth.
The bank's efficiency was further highlighted by a decline in its cost-to-income ratio to 47.3 percent from 56.2 percent, indicating improved operational efficiency and cost management.
On the balance sheet, net loans and advances grew by 44.7 percent to N1.74 trillion, an increase from N1.20 trillion in FY 2024. This expansion reflects the bank's continued support for key economic sectors while maintaining a disciplined risk management approach. Total assets also grew by 41.5 percent to N5.07 trillion, driven by loan growth and investments in high-yielding assets.
In a separate report, Zenith Bank Plc's foreign operations have also shown strong performance. The bank's subsidiaries in Ghana, the UK, Sierra Leone, and The Gambia reported a pre-tax profit of N331.7 billion in 2025. This represents a significant increase from N179 billion in 2024 and contributed 26.3% to the group’s total profit, up from 13.5% in the previous year.
The balance sheets of these subsidiaries also saw considerable growth, with combined customer deposits rising to N6.7 trillion in 2025. This is a 26.4% increase from N5.3 trillion in 2024 and accounts for 27.8% of the group’s total deposits, signaling enhanced customer confidence.
Zenith Bank UK recorded the highest deposits among the foreign operations in 2025, amounting to N3.6 trillion. The group's foreign operations generated gross earnings of N793.3 billion in 2025, a 55.4% increase from N510.4 billion in 2024, contributing 18.9% to total group earnings.
African subsidiaries, excluding Nigeria, generated a combined N544.1 billion in gross earnings, with Zenith Bank Ghana being the largest contributor. Zenith Bank UK followed with gross earnings of N249.1 billion.
Profit after tax from African subsidiaries outside Nigeria rose to N149.3 billion, a 426.7% year-on-year increase from N28.3 billion, contributing 14.4% to the group’s total profit. Zenith Bank UK recorded a profit after tax of N74.1 billion, representing 7.1% of group earnings and a 29.1% year-on-year increase from N57.3 billion.
Loans and advances from Zenith Bank's foreign operations grew by 81.5% to N2.2 trillion from N1.2 trillion, accounting for 22% of the group’s total loans and advances of N10.4 trillion.
