Wema Bank full-year results were finally approved by It’s shareholders.
Wema Bank Plc shareholders praised the Board and Management for delivering strong earnings in the fiscal year. The announcements were delivered at the bank’s 2022 Annual General Meeting (AGM) in Lagos and the bank was praised for its strong profitability and large dividend payout.
Mr. Badmos, a shareholder of Wema Bank, praised the bank for proposing to pay a 30kobo dividend per ordinary share, calling it the largest in the bank’s history. He challenged the new management with maintaining the company’s strong performance so that shareholders may continue to obtain value from their investments.
Mr. Moruf Oseni, Wema bank’s Managing Director/Chief Executive Officer, stated that the management is committed to make the bank the best.
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Wema Bank is digitally, the best financial house, Oseni stated, he further said that his management team is committed to growing the bank and elevating it to its proper place in the business. According to him, the well-being of employees would be given top attention in order to urge them to produce more in terms of output.
In its audited financial reports for the fiscal year ending December 31, last year, Wema bank reported gross earnings of N131.08 billion, a 42.3 percent rise over the N92.14 percent reported in 2021.
The findings, which showed good fundamentals across the board, demonstrated a 44.7 percent increase in interest income year on year to N106.07 billion from N73.30 billion. Non-interest income increased to N25.01 billion to N18.83 percent, a 32.8 percent rise.
Similarly, Wema bank’s profit before tax increased by 19% year on year, reaching an all-time high of N14.74 billion from N12.38 billion the previous year. The bank stated that shareholders would receive a dividend of 30 Kobo per ordinary share, the largest dividend payout to date. The bank increased its deposits by 26% year on year to N1,165.93 billion in 2022, up from N927.47 billion in 2021.
Its loan and advance portfolio increased by 24%, from N418.86 billion in 2021 to N521.43 billion in 2022. The findings, which showed good fundamentals across the board, demonstrated a 44.7 percent increase in interest income year on year to N106.07 billion from N73.30 billion. Non-interest income increased by 32.8 percent to N25.01 billion to N18.83 percent.
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Wema bank, also stated that shareholders would receive a dividend of 30 Kobo per ordinary share, the largest dividend payout to date. The bank increased its deposits by 26% year on year to N1.165 trillion in 2022, up from N927.47 billion in 2021. Its loan and advance portfolio expanded as well. Its loan and advance portfolio increased by 24 percent, from N418.86 billion in 2021 to N521.43 billion in 2022.
The remarkable statistics revealed that total assets increased by 23% to N1.433 trillion from N1.164 trillion. Shareholder funds increased by 17% to N82.62 billion in 2021 from N70.36 billion in 2021.
