Nigeria’s Wema Bank shareholders approve 1.157 million naira dividends

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At the annual general meeting which held in Lagos, Wema Bank’s shareholders approved the 1.157 million naira total dividend, culminating in 3 kobo per share due to every investor of the bank for the 2018 financial year.

The shareholders applauded the management for improved performance in 2018, which enhanced their return on investment through dividend payout after 14 years of non-payment.

The President of Greenwich Shareholders Association of Nigeria, Williams Adebayo, expressed satisfaction with current operations especially the innovative payment system, ‘Wema Bank Alat’. He said the digital platform, which was launched in May 2017, has improved retail liabilities and customer base, as over 1,000 new customers are on-boarded daily on the digital platform.

The Chairman of Wema Bank, Babatunde Kasali, attributed the bank’s improved performance to its major focus on innovations and technology enhancement, provision of excellent customer service, effective risk management mechanism and broadening its national footprint.

He explained that the bank posted a profit before tax of 4.8 billion naira, a 59.4 percent increase year-on-year (YoY) from the 3.01 billion naira recorded same period in 2017.

According to Kasali, the bank also recorded a growth of 47.34 percent in its profit after tax to 3.33 billion naira from the 2.26 billion naira recorded in 2017, total assets also increased from 388.15 billion naira to 488.53 billion naira YoY, with interest and non-interest income 57.63 billion naira and 13.89 billion naira, respectively, from 53.07 billion naira and 12.19 billion naira.

The Chief Executive Officer of Wema Bank Mr Ademola Adebise, said despite the challenging macro-environment, the bank delivered modest improvement at the end of the 2018 financial year. He assured shareholders that the bank would continue to improve on its deposit mobilisation, also pruning its cost of funds.

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