In a significant milestone for Nigeria’s financial services sector, Signature Bank has reported its first-ever full-year profitability, with a profit before tax (PBT) of N768 million for the financial year ended December 31, 2024. This marks a dramatic turnaround from its 2023 loss of N2.86 billion, signaling renewed investor confidence and the successful execution of its recovery and expansion strategy.
The results were presented during the bank’s 3rd Annual General Meeting (AGM), held virtually, where board members and stakeholders reviewed what has been described as a defining year for the bank.
Signature Bank’s gross earnings soared by 377% year-on-year to N12.84 billion, a remarkable leap from previous records. The growth was primarily driven by a 298% increase in interest income, which stood at N9.06 billion, and a tenfold surge in non-interest income to N3.74 billion. This reflects the bank’s increasing digital footprint and rise in customer transaction volumes.
Operating profit also witnessed a massive rise of over 300% to N7.61 billion, underscoring effective cost management, improved efficiency, and strategic investments in digital banking platforms.
The bank’s total customer deposits climbed by 233% to N130.59 billion, as Signature Bank continues to gain traction among retail and institutional clients. Total assets more than doubled to N178.86 billion, up from N61.22 billion in 2023, reinforcing its growing market relevance in Nigeria’s competitive banking landscape.
Alhaji Tijjani Borodo, Acting Chairman of the Board, highlighted the strategic significance of these achievements, saying:
“Our strong financial performance is a testament to the collective resolve and disciplined execution by the board, management and staff. We remain focused on delivering long-term value for shareholders and contributing to national economic development.”
Dr. Chidiebere Nwokeocha, the Acting Managing Director/CEO, emphasized the importance of technology in the bank’s transformation, noting:
“2024 was a defining year for Signature Bank. Our return to profitability reflects the strength of our strategic direction and our team’s resilience. We are building a future-ready bank — agile, technology-driven, and inclusive — committed to serving Nigeria’s evolving financial needs.”
The bank’s digital-first strategy has yielded tangible results, with accelerated mobile and online banking adoption, expansion in agency banking services, and targeted financial inclusion initiatives across underserved regions.
Signature Bank’s performance comes at a time when several Nigerian banks are consolidating operations amid macroeconomic headwinds. According to a recent IMF report, over 234 bank branches and 649 ATMs were closed across the country in 2024 due to cost pressures and increased digital migration.
Yet, Signature Bank’s rapid growth trajectory and prudent asset management offer a strong counter-narrative, positioning the bank as a rising challenger in Nigeria’s financial ecosystem.
Market analysts and shareholders have responded positively to the bank’s results, citing its improved fundamentals, efficient capital deployment, and risk management framework. The bank’s ability to weather the tough economic environment and deliver double- and triple-digit growth across key metrics is widely seen as a promising signal for its future listing ambitions.
While Signature Bank remains a relatively young institution, founded in 2022, it has quickly gained momentum through innovative services, strategic partnerships, and customer-centric offerings.
With its 2024 performance now on record, Signature Bank has not only achieved a key financial milestone but has also positioned itself for further growth in Nigeria’s evolving digital economy. As it continues to deepen its footprint and enhance stakeholder value, the bank’s success story is one to watch in the years ahead.