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Wema Bank postpones dividend for third consecutive year

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Wema Bank

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

This was contained in a statement of the bank’s annual general meeting would hold on May 25, 2021 at its corporate head office and virtually, in line with current COVID-19 protocols.

The bank’s 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 financial institution noted that its net loans closed at N360.08bn, marking a 24.49 per cent growth from N289.24bn in 2019.

The bank explained that 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.

Techeconomy.ng gathered that the bank’s total assets and contingents reported for the year ended December 31, 2020 was over N1tn.

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

Mabawonku 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.”

 

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