Wema Bank’s N94.89b earnings, dividend payment excite shareholders

Shareholders have expressed delight to the Board and Management of Wema Bank Plc for its performance, including N94.89 billion gross earnings and decision to pay divided  in the full year ended December 31, 2019.

The gross earnings represent 32.65 per cent increase from the 2018 performance.

The shareholders spoke during the 2019 Annual General Meeting (AGM) held by proxy on Monday during which the growth of the bank in the past year and dividend payment were discussed.

Coming several days after the bank’s 75th Anniversary celebration, the meeting availed the investment community an opportunity to gain insight into the bank’s performance in the 2019 financial year.

The AGM was in compliance with the guidelines of the Corporate Affairs Commission (CAC). It was moderated by the Chairman of the bank, Babatunde Kasali, with  some shareholders and directors and executives in attendance. Others joined remotely via live streaming.

Shareholders’ group leaders commended the bank for attaining 75 years in operation, three of which in digital banking with ALAT.

The bank’s Profit After Tax (PAT) grew by 56.16 per cent to N5.2 billion while Profit Before Tax (PBT) stood at 40.83 per cent year-on-year to N6.76 billion in 2019, up from N4.8 billion in 2018.

The bank also reported an increase in customer deposits by 56.35 per cent in the year under review, to N577.28 billion.

The bank’s Managing Director/Chief Executive Officer (CEO) Ademola Adebise attributed the performance of the ban to its double strategy – increasing bottomline and reducing costs.  He added that the increase in customer deposits was as a result of the aggressive marketing campaigns around the bank’s ALAT.

The shareholders endorsed the payment of four kobo per share translating as a dividend, which translates to an of eight per cent from 2018.

Adebise assured the shareholders of the bank’s growth. He note: “Despite the challenges brought on by the global pandemic, the underlining strength of bank, the quality of our assets and our position as the parent to ALAT, the first-ever digital bank in Nigeria, has given us the competitive advantage to continue to deliver excellent banking services to our customers and gain the confidence of our shareholders.’’

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