A share dividend of 4k per share has been proposed by Wema Bank Plc for the 2020 financial year.
This will be the third consecutive year the bank is paying dividends to its shareholders.
Disclosing this in a statement, the bank also said that its annual general meeting will hold both virtually and at its corporate office amid strict observation of COVID-19 protocols on 25th May, 2021.
Wema Bank’s audited results for 2020 showed that the Bank grew its customer deposits by 39.42% to N804.87bn in 2020 from N577.28bn in 2019 while its net loans closed at N360.08bn, indicating a 24.49% increase from N289.24bn in 2019.
The bank claimed to have provided sustained customer support in different sectors of the economy while reducing non-performing loans from 7.38% in 2019 to 4.70%in 2020. while its total assets and contingents for 2020 was over N1tn.
The bank’s CEO, Tunde Mabawonku, said the bank stayed afloat in the 2020 financial year by maintaining focus on safe lending, keeping NPLs low and driving transaction income.
According to him, “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.”
Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur
