Wema Bank Plc has been able to sustain its earnings growth for the financial year ended December 31, 2021. According to the audited report that was submitted to the Nigerian Exchange Limited (NGX) at the weekend, the bank figures show improvement both at the top and bottom line.

The performance is coming at a time the indigenous oldest bank in the country is in the process of raising N40 billion through right issues and also reconstruct its shares in order to remain competitive among its peers in the industry. The chairman of the bank Babatunde Kasali, has assured shareholders that they expect to conclude the process in 2022.

In making sure that shareholders get their returns on investments, the board of directors has recommended the payment of 24 kobo dividend from the present year earnings. Other details concerning the proposed dividend shows that payment date is on May 10, 2022, same date the bank scheduled its Annual General Meeting (AGM).

The dividend will be paid electronically to shareholders whose names appears on the register of members as at Wednesday April 27, 2022 and who have completed the e-dividend registration and mandated the registrar to pay their dividend directly into their accounts. At the close of  trading on Monday April 4, 2022, the bank share price closed at N2.70 kobo.

According to the financial highlight of Ademola Adebise led Wema Bank, gross earnings grew by 15.35% from N79.87 billion in 2020 to N92.14 billion in 2021. In keeping with a pattern of strong quarterly performances in 2021, first quarter was up by 34%, second quarter 149% and third quarter 135.8% year on year.

Profit before Tax and Profit after Tax increased by 108.1% and 94.55% respectively to N12.38 billion and N8.93 billion against N5.95 billion and N4.59 billion in 2020. Total Assets as of December 2021 stood at N1,164.52 billion, representing a 20.23% increase over the N968.58 billion recorded in the corresponding year of 2020 and placing the bank squarely above the N1 trillion mark a milestone that was surpassed in third quarter of 2021.

Additionally, loans to customers rose by 16.13% to close the year 2021 at N418.86 billion from the N360.08 billion recorded in 2020. The Bank, during the year under consideration, maintained its Non-Performing Loans (NPL) ratio at 4.88%, significantly below the regulatory limit of 5%. Customer deposits grew by 15.19% from N804.87 billion to N927.47 billion with a continuously improving deposit mix that is edging ever closer to the ideal.

Wema Bank Plc is the longest surviving indigenous financial institution in Nigeria, has over the years, diligently offered a range of value-adding banking and financial advisory services to the Nigerian public for 75 years.

Incorporated in 1945 as a Private Limited Liability Company under the old name of Agbonmagbe Bank Limited, it commenced banking operations in Nigeria in the same year. Subsequently transformed into a Public Limited Liability Company (PLC) in April 1987 and was listed on the then floor of the Nigerian Stock Exchange (NSE) in January 1990.

On February 5, 2001, Wema Bank Plc was granted a universal banking license by the Central Bank of Nigeria (CBN), thus allowing the Bank to provide the Nigerian public with a diverse portfolio of financial and business advisory services.

In 2009, the Bank underwent a strategic repositioning exercise which culminated in a decision to operate as a commercial bank with regional authorization. Upon a successful turnaround, the Bank applied to the Central Bank of Nigeria (CBN) for and was granted a national banking license in 2015.

Operating a network of over 150 business offices backed by a robust ICT platform across Nigeria, Wema Bank offers retail banking, SME banking, corporate banking, treasury, trade services and financial advisory to its ever-expanding clientele.