Wio Bank Grows over AED 37B in Balance Sheet in Second Full Year of Operations

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.