By Etop Ekanem

Signature Bank has announced its audited financial results for the year ended December 31, 2024, at its 3rd Annual General Meeting held virtually.

The announcement highlighted a pivotal moment in the bank’s history, reflecting strong financial performance, key operational milestones, and the achievement of its first full-year profitability since its inception in 2022.

The bank posted a Profit Before Tax (PBT) of ₦768 million, a significant turnaround from the ₦2.86 billion loss recorded in 2023. This outcome affirms the effectiveness of the Bank’s growth strategy, prudent financial management, and increasing market confidence, despite persistent macroeconomic challenges.

Gross earnings increased by 377 per cent year-on-year to ₦12.84 billion, driven by a strong rise in both interest and non-interest income. Interest income rose by 298 per cent to ₦9.06 billion, fuelled by a well-optimized asset portfolio and disciplined pricing strategies. Non-interest income surged nearly eleven-fold to ₦3.74 billion, reflecting increased transaction volumes and accelerated digital adoption.

Operating profit climbed by over 300 per cent to ₦7.61 billion despite elevated inflation and funding costs. Customer deposits grew by 233 per cent to ₦130.59 billion, reinforcing growing public trust and market presence. Total assets more than doubled, rising by 192 per cent to ₦178.86 billion from ₦61.22 billion in 2023.

Speaking at the Annual General Meeting, Alhaji Tijjani Borodo, acting Chairman of the Board of Directors, said: “Our strong financial performance is a testament to the collective resolve and disciplined execution of the board, management and staff. We remain focused on creating long-term value for our shareholders, while supporting the broader objective of economic transformation in Nigeria. Signature Bank is building not only for today but for the future—a future that is digital, inclusive, and resilient.”

Dr. Chidiebere Nwokeocha, acting Managing Director/CEO, also commented: “2024 was a defining year for Signature Bank. Our return to profitability reflects the strength of our strategy, the resilience of our team, and the increasing trust of our customers. As a dynamic and ambitious institution, we are laying the foundation for sustainable growth and positioning ourselves as a future-ready bank—agile, technology-driven, and inclusive.”
In alignment with this strategic ambition, Signature Bank expanded its network, bringing its total footprint to six branches across Abuja, Port Harcourt, Aba, Umuahia, Kano and Asaba, supported by a dedicated team of 149 professionals. The Bank’s customer base grew by 187%, further strengthened by the launch of enhanced digital platforms such as the Signature Mobile App and streamlined onboarding processes.

Additionally, significant investments in IT infrastructure, automation, and customer service have been made to ensure that the Bank’s growth remains not only scalable but also sustainable for the long term.

Looking to the future, Signature Bank plans to finalize its ongoing capital raise to meet regulatory requirements and further strengthen its balance sheet. The Bank will continue to advance its digital transformation, grow its loan book with a focus on priority sectors such as SMEs and retail businesses, expand into new regional markets, and enhance its risk management and compliance frameworks.