2024: Signature Bank Declares N768.05m Profit

Kayode Tokede

Signature Bank Limited has recovered from a loss before tax of N2.87 billion in 2023 financial year to a profit before tax of N768.05 million in 2024. The lender also declared gross earnings of N12.84 billion in 2024, about 374per cent increase over N2.69 billion reported in 2023, driven by strong performance in both core lending and fee-based income lines. 

Signature Bank expanding substantially with total assets more than doubling to N178.9billion from N61.22 billion in 2023, while customer deposit stood at N130.6billion in 2024, about 233 per cent increase from N39.20 billion in 2023, to reflect increasing confidence in its brand and services.

The acting Chairman, Signature Bank, Alhaji Tijjani Borodo, disclosed these figures while addressing shareholders  during the bank’s third annual general meeting (AGM) held virtually.

He said: “Our Profit Before Tax (PBT) swung from a loss of N2.86 billion in 2023 to a profit of N768 million.” 

“This was driven by deeper market penetration in targeted segments and sectors, a diversified revenue base, strengthened cost management, and disciplined execution of our strategic priorities.”

“Gross earnings surged by 377per cent, from N2.7 billion to N12.8 billion, driven by improved customer engagement, digital innovation, and a sharper focus on core banking operations. Our balance sheet expanded substantially, with total assets more than doubling to N178.9 billion. Customer deposits grew by 233per cent to N130.6 billion, reflecting increasing public confidence in our brand and services.”

On strategic priorities for 2025, he said  Signature Bank would focus on strengthening its position as a leading regional financial institution.

“We will expand our presence in key regions and enhance our digital capabilities to meet evolving customer needs. Our goal is to grow our corporate and commercial banking segments while accelerating retail banking through innovative, customer-centric products. Operational efficiency remains a key focus, with continued investments in automation and process optimization,” he said.

On the CBN recapitalisation, he revealed that Signature Bank’s capital as of date stands at N13.67billion, stressing that an additional N1.33billion has been raised and currently awaits regulatory verification.

He explained further that “The bank is also on the cusp of completing another capital round of N10 billion, which will, shortly, be submitted for regulatory verification. The remaining N25 billion will be raised and finalised well in advance of the regulatory deadline of March 2026.”

“The recapitalisation exercise will not only reinforce our financial base but also enhance our ability to support broader economic growth while supporting our long-term strategic objectives.”

Also  speaking to shareholders, the Ag. Managing Director/CEO, Signature Bank, Dr. Chidiebere Nwokeocha, said despite an environment shaped by inflationary pressures, tight monetary policy, and exchange rate volatility, 2024 was a year of bold progress as it delivered significant growth across core financial metrics.

He said: “Looking ahead to FY 2025 and beyond, we are optimistic. With expected improvements in the macroeconomic environment, our focus will be on driving sustainable growth across key areas.”

To achieve this, he highlighted plans to, “Complete our capital raise exercise by Q4 2025, to bolster our balance sheet and support strategic growth.”

“Enhancing digital capabilities to drive operational efficiency, improve customer experience, and enable scalable services.”

“Prudently expanding our loan portfolio, guided by market dynamics and robust risk frameworks.”

“Deepening market presence across key segments including retail, SMEs, and underserved communities and exploring strategic regional expansion to broaden our footprint and customer base.”