Shareholders approve Wema Bank’s 24kobo dividend

Wema Bank’s profit rises by 97 per cent to N10.48bn

Shareholders of Wema Bank Plc have approved the bank’s 24 kobo dividend payment for 2021 financial period.

A statement said the shareholders commended the management of the bank for its impressive result achieved during the 2021 financial year at its annual general meeting in Lagos.

It also disclosed that the bank’ profit before tax rose to N12.3bn during the full year ended December 31, 2021 from N5.9bn in the corresponding period in 2020.

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The statement said, “The 24 kobo dividend per share of ordinary shares represents a significant progression over the four kobo paid last year.  Two years ago, the bank paid two kobo dividend per share to set a tradition of dividend payment after years of no dividend payment paying.”

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The shareholders commended the bank for sustaining the tradition of dividend payment set in motion three years ago.

A shareholder, Eric Akinduro, lauded the board and management for keeping non-performing loans low in spite of the macro-economic situation in the country.

The statement said another shareholder, Bisi Bakare, praised the bank for ensuring better and wider spread of the branch network during the review year.

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He also commended the bank for initiating sound and environmentally sustainable practices such as the cleaning up of waterways and the environment.

Bakare expressed satisfaction with the bank’s share reconstruction which had strengthened its financial position via capital appreciation.


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