Wema Bank declares dividend for 2020, holds AGM

 Wema Bank Plc has proposed to pay a dividend of four kobo per share for the financial year 2020, making it the third consecutive year it has paid dividends.

The bank said in a statement that its annual general meeting would hold on May 25, 2021 at its corporate head office and virtually, in line with current COVID-19 protocols.

Its audited results for the year ended December 31, 2020 show that its customer deposits grew by 39.42 per cent to N804.87bn in 2020 from N577.28bn in 2019, according to the statement.

The bank said its net loans closed at N360.08bn, marking a 24.49 per cent growth from N289.24bn in 2019.

Wema said it provided continued support for its customers across various sectors of the economy while bringing down non-performing loans from 7.38 per cent in 2019 to 4.70 per cent in 2020.

It said its total assets and contingents reported for the year ended December 31, 2020 was over N1tn.

The Chief Executive Officer of the bank, Tunde Mabawonku, said the bank weathered disruptions in the 2020 financial year by maintaining focus on safe lending, keeping NPLs low and driving transaction income.

He said, “We have remained resilient and have continued to grow efficiently as we persist in adapting our corporate strategy to yield strong financial results despite the adverse economic situation.

“We have a clear strategy of becoming the most dominant digital bank in Nigeria by 2023. We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with ecosystem partners on payments and settlements.”

Source: ThePunch, May 24, 2021