The Nigerian stock market has showcased remarkable growth in its banking sector, with Wema Bank emerging as the top-performing bank stock on the Nigerian Exchange (NGX) as of July 17, 2025. According to data released by financial analyst StatiSense, Wema Bank recorded an impressive one-year return of 152.7%, outpacing its peers and signaling strong investor confidence in the indigenous lender.
The latest figures highlight a robust performance across Nigeria’s banking landscape. Following Wema Bank, GT Bank secured the second spot with a 105.4% return, while Zenith Bank and Fidelity Bank tied for third with 101.6% and 100% returns, respectively. UBA followed closely with a 97.4% gain, rounding out the top five performers. Other notable banks include Jaiz Bank (68.4%), Ecobank (62.0%), Sterling Bank (61.3%), First Bank (55.3%), and Access Bank (41.5%).
Wema Bank’s Stellar Rise
Wema Bank’s standout performance can be attributed to its strategic initiatives and strong digital banking platform, ALAT. The bank, Nigeria’s longest-surviving indigenous financial institution since 1945, reported a 91.5% surge in gross earnings to ₦432.34 billion and a 135.2% increase in profit before tax to ₦102.51 billion in its 2024 annual report, bolstering its market position. These financial highlights underscore Wema’s focus on serving individuals, small and medium enterprises (SMEs), and corporate clients through technology-driven solutions.
Broader Market Context
The strong performance of Nigerian bank stocks aligns with the NGX Banking Index’s historical growth, which recorded a 114.9% increase in 2023, making it the second-best-performing index after oil and gas. Analysts attribute this momentum to a combination of macroeconomic recovery and increased digital adoption. The leadership of CEOs, including Wema’s Moruf Oseni and Zenith’s Adaora Umeoji, has been instrumental in driving these gains.
Looking Ahead
As investors monitor these developments, experts suggest that the banking sector’s growth trajectory could continue, provided economic stability persists. Wema Bank’s “Top Tier in Three (TTT)” strategy, which includes global expansion, may further solidify its lead. However, challenges such as regulatory pressures could influence future performance .For now, the Nigerian banking sector’s resilience and innovation are evident, with Wema Bank setting a high standard for its competitors in 2025.
