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Signature Bank Declares N768.05m Profit in 2024
Kayode Tokede
Signature Bank Limited, has said that it has migrated from a loss before tax of N2.87 billion in 2023 financial year to a profit before tax of N768.05 million in 2024 financial year.
The lender also declared gross earnings of N12.84 billion in 2024, about 374 per 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.
Speaking virtually to shareholders during the financial institution’s 3rd Annual General Meeting (AGM), the Acting Chairman, Signature Bank, Alhaji Tijjani Borodo, stated that the financial institution in 2024 recorded a remarkable turnaround in profitability.
Borodo 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.”
Also speaking to shareholders, the Ag. MD/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 added that “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.”
