[NIGERIA] Wema Bank set to delight shareholders with improved dividend

 

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

 

Our correspondent gathered from impeccable sources at the Nigeria Exchange Limited that 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% in profit before tax (PBT) to close the third quarter of 2021 at N7.2billion. The bank also recorded a Year-on-Year growth of 9.1% in gross earnings to ₦63.1billion in nine months in 2021 from ₦57.8billion during the same period in 2020. 

 

However, feelers from the Nigeria Exchange 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.

 

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.

 

"Deposit Liabilities grew by 9.3% to ₦879.8billion in 9M 2021 from ₦804.9billion in FY 2020 while Total Asset increased by 10.7% to ₦1.08trillion in 9M 2021 from ₦979.5billion in FY 2020. We have also unveiled our new Mission and Vision statements which align with our strategy for the year."

 

Mr Mabawonku further buttressed that the bank is "sure to close the year with an even stronger performance, while we continue to focus on our digital business which is a key boost for customer acquisition, consumer lending, and transaction volumes while not neglecting our corporate commercial play."

 The bank will soon release its audited financial statement for 2021.