Wema Bank to pay shareholders N3.86 billion dividend in 2022

Key Highlights

• Shareholders of Wema Bank Plc will receive a total dividend of N3.8 billion for the financial year ending December 2022, representing a dividend of 30 kobos per share.
• The dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, May 9, 2023.
• The bank’s Gross Earnings grew by 42% from N92.14 billion in 2021 to N131.08 billion in 2022.

Shareholders of Wema Bank Plc will receive a total dividend of N3.86 billion for the financial year ending December 2022, representing a total dividend of 30 kobos per share declared by the bank.

The Board of Directors of Wema Bank Plc has pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria proposed a final dividend of 30 kobos per share for the financial year 2022.

This was contained in the bank’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

Subject to shareholders’ approval: According to the company, the dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, May 9, 2023.

According to the statement signed by the company, on May 24, 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of May 9, 2023, and who have completed the e-dividend registration and mandated the Registrars to pay their dividends directly into their Bank accounts.

Advice to shareholders

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrar.

What you should know

The Bank’s Gross Earnings grew by 42% from N92.14 billion in 2021 to N131.08 billion in 2022. Profit before Tax (PBT) increased by 19% to N14.75 billion from N12.38 billion in FY 2021, and Profit After Tax (PAT) increased by 26% to N11.2 billion from N8.93 billion reported in FY 2021.

The Bank grew its Total Deposits by 26% as of FY 2022 to N1,165.93 billion from N927.47 billion reported in FY 2021.

Total Assets as of December 2022 stood at N1,434.08 billion, representing a 23% increase over the N1,164.52 billion recorded in the corresponding year of 2021. Additionally, loans to customers rose by 24%to close to the year 2022 at N521.43 billion from the N418.86 billion recorded in 2021.