Wema Bank shareholders have expressed satisfaction over a 100% increase in dividends for the 2024 financial year, rising from 50 kobo to N1 per share. This increase results in a 20.69% payout ratio, demonstrating the bank’s commitment to rewarding investors.
Financially, Wema Bank reported a 135% surge in profit before tax to N102.51 billion, with total assets growing by 60% to N3.59 billion. Deposits rose 36% to N2.52 billion, while loans and advances increased by 50% to N1.2 trillion.
Shareholder representatives praised the bank’s dividend policy, attributing its success to strategic management, operational efficiency, and digital banking innovations, particularly the ALAT platform. The Managing Director, Moruf Oseni, highlighted the bank’s resilience and commitment to financial inclusion, emphasizing its role in driving digital banking adoption among Nigeria’s youth.
