Finance

Wema Bank to increase dividend payout to shareholders

Oseni takes over as Wema Bank substantive MD

There are indications that shareholders of Wema Bank Plc are in line to receive bumper dividend payments for the year ended December 31, 2021.

The bank impressively built on its third-quarter financial result and accounts during the fourth quarter of 2021.

Wema Bank recorded an increase of 135.8 per cent in profit before tax (PBT) to close the third quarter of 2021 at N7.2 billion. The bank also recorded a Year-on-Year growth of 9.1 per cent in gross earnings to N63.1 billion in nine months in 2021 from N57.8billion during the same period in 2020.  However, feelers from the Nigerian Exchange Limited show that the bank’s full-year profit for 2021 has almost doubled the N6 billion profit before tax it recorded in 2020. This has fueled optimism that the bank would not only pay dividends for the third consecutive year, but a bigger dividend payout might also be in the pipeline.

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Explaining the facts behind the figures following the release of the bank’s 2021 Q3 result, the bank’s Chief Finance Officer, Tunde Mabawonku, said: “The key measure of success for us is growth in customer numbers and customer activity – and we are glad that we are reporting strong growth here.”

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Sunnews

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