Wio Bank grows over AED 37bln in balance sheet in second full year of operations
Net Profit grew to nearly AED 400M (nearly 200 times Year-on-Year growth)
Industry-leading Net Promoter Score (NPS) of 74
Abu Dhabi, UAE – Wio Bank PJSC has established itself among the top 10 most profitable neobanks globally and a leading UAE bank for retail and SME deposits – all within just two years of its full-scale launch. Based on Wio's financial performance metrics compared to C-Innovation Market Research's 2024 global neobank profitability report and analysis of available segmental disclosures, the bank has transformed from market entrant to market leader. With over AED 37B in balance sheet size as of December 31, 2024, representing a growth of nearly 3x Year-on-Year (YoY), Wio has emerged as a leading example of how digital-first, customer-focused models can meet the needs of a modern customer base while reshaping the financial sector.
'Our solid 2024 results reflect our commitment to the UAE economy by supporting entrepreneurs and businesses across the country to build and scale. In just over two years, we have become the preferred bank for new businesses and one of the largest business banks in the UAE, with over 90,000 businesses choosing us. Our personal proposition has scaled significantly, providing customers a strong offering to build, manage, and grow their wealth on a centralized and empowering platform. We continue to build one of the fastest profitable franchises that delivered market-leading NPS of 74, setting the foundations for customer-centric innovative growth to come," states H.E. Salem Al Nuaimi, Chairman of the Board at Wio Bank PJSC.
Wio's rapid ascent represents a decisive market shift, challenging established banking models while setting new standards for digital financial platforms worldwide. As traditional institutions navigate digital transformation, Wio has implemented an approach that has propelled it past established competitors.
Jayesh Patel, CEO of Wio Bank PJSC, says: 'In 2024, we continued our trajectory of growth, offering customers seamless, empowering, and rewarding banking across both the business and retail franchise, adding over 140,000 customers during the year. We solidified our financial performance, generating over AED 800M in revenues and nearly AED 400M in post-tax profits."
He continues: "We introduced several innovative business offerings allowing micro to large SMEs to use Wio as a platform to fuel their growth, including supply chain financing and credit products. Our personal banking app scaled significantly offering everything money in one place. We've expanded our wealth management capabilities, enabling customers to access UAE and US equities and ETFs, transfer existing portfolios to Wio, and invest in top cryptocurrency assets through secure channels—all managed from a single centralized app. We continue to invest in our capabilities to become the wealth-centric bank for our customers, enabling them to get the most out of managing their everyday money while building their wealth for a better tomorrow."
Wio's success is powered by its platform banking approach, enabling seamless financial integrations across key industries. The bank has strengthened its ecosystem through strategic partnerships with healthTech, aggregators, payment and accounting platforms, while deepening engagement with mainland and Freezone trade licensing authorities to streamline banking for SMEs. Additionally, Wio has supported record numbers of local IPOs, providing individuals with seamless access to investment opportunities. These initiatives collectively drive financial inclusion and business growth across the UAE.
"Our 2024 financial performance demonstrates the strength of our business model, scalability and operational efficiency," affirms Prakash Sunkara, CFO of Wio Bank. "Reaching over AED 37B (USD 10B) in balance sheet size represents a significant milestone in such a short timeframe for any bank. We've delivered this alongside a Year-on-Year deposit growth of over 200%, while maintaining an industry-leading cost-to-income ratio of 44%. Our revenue-mix is well balanced with nearly 45% of our total revenue earned through subscriptions and fees, while the other 55% is earned from net interest income. This reflects strong customer engagement and increased adoption across remittances, cards, and deposits. As a cloud-native digital platform, we continue to focus on costs and scalability resulting in a net profit of nearly AED 400 million. These metrics place us among the most efficient and profitable banking operations in the region."
The bank's exceptional performance underscores the UAE's progressive regulatory framework and national vision, demonstrating how forward-thinking policies enable market-changing outcomes with global significance.
About Wio Bank PJSC:
Wio Bank PJSC, the Middle East's first digital financial platform, is reimagining banking for individuals and businesses. Headquartered in Abu Dhabi and backed by strategic investors including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio combines cutting-edge technology with a human-centric approach to deliver seamless, personalised financial solutions.
For personal banking, Wio offers smart tools and insights to help users take control of their finances, enabling them to save, spend, and grow with ease. For businesses, Wio goes beyond traditional banking by providing entrepreneurs and SMEs with a comprehensive digital platform designed to streamline operations, unlock growth opportunities, and simplify financial management.
Wio is redefining the banking landscape as a market leader in Banking-as-a-Service (BaaS) and embedded finance, delivering innovative solutions that empower people, businesses, and communities with the infrastructure they need to access long-term wealth creation. By offering an end-to-end, frictionless digital platform for both retail and business customers, Wio is disrupting traditional banking models, creating operational efficiencies, and unlocking value-added services through a transparent, personalized customer experience.
Wio Bank's commitment to innovation has been widely recognized, being named '#1 Fintech in MENA' by Forbes Middle East and 'Digital Bank of the Year' at both the E-Business Awards 2024 and Tech Innovation Awards 2024. The bank has also received 'Best Retail Banking Digital App Experience' award, 'SME Bank of the Year' award, and 'Intelligent Banking and Finance Implementation' award. Additionally, Wio's leadership excellence was acknowledged with inclusion in the Top 34 GCC Banking CEO Power List 2024 by Finance Middle East.
For more information, visit www.wio.io.
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