Wema Bank Plc shareholders on Monday May 18, 2020, at the bank Annual General Meeting (AGM) in Lagos, unanimously endorsed the payment of (4kobo) four kobo per share dividend, which translates to eight per cent growth from 2018.
The meeting availed the investment community an opportunity to gain insights into the performance of the bank in the 2019 financial year.
The AGM, which held in proxy, in compliance with the guidelines of the Corporate Affairs Commission, was moderated by the Chairman of the bank, Mr Babatunde Kasali, with a few shareholders and members of the bank’s board and executives in attendance. Others joined remotely via live stream.
Shareholder group leaders commended the bank for attaining 75 years in service, three years of digital banking with ALAT and applauded the board and management of the bank for the 2019 performance.
For the year under review, Wema Bank announced gross earnings of N94.89bn, which was a 32.65 per cent increase over the previous year.
The bank’s profit after tax grew by 56.16 per cent to N5.2bn.
while profit before tax stood at 40.83 per cent year on year to N6.76bn in 2019, up from N4.8bn in 2018.
The bank also reported an increase in customer deposits by 56.35 per cent in the year under review to N577.28bn.
The bank Managing Director Mr Ademola Adebise, attributed the impressive performance to the bank’s strategies targeted at increasing bottom-line while reducing cost.
He added that the increase in customer deposits was as a result of the aggressive marketing campaigns around the bank’s digital platform, ALAT. Adebise assured the shareholders of continuous growth for the bank.
He said, “Despite the current challenges brought on by the global pandemic, the underlining strength of the 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.”