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Wema Bank Plc released its audited financial statement for the period ended December 31, 2018, by proposing 3 kobo divided, its first payment in 14 years. Details of the corporate action shows that register of members closes from April 26, 2019. While payment date is on May 13, 2019.
A breakdown of the result shows that the bank reported a profit before tax of N4.8 billion, a 59.4 per cent increase from the N3.01 billion recorded in 2017. The bank also recorded a growth of 47.34 per cent in its profit after tax of N3.33 billion from the N2.26 billion recorded in 2017.
The total assets of the bank increased from N388.15 billion in 2017 to N488.53 billion in 2018, while its interest and non-interest income increased to N57.63 billion and N13.89 billion, respectively, from N53.07 billion and N12.19 billion in 2017.
However, the bank’s non-performing loans increased by 1.46 percent to 4.98 per cent in 2018 from 3.52 per cent in 2017 as the cost of risk also increased to 1.34 per cent from 0.97 per cent in 2017.
Wema Bank is the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. With over 73 years in the business of banking, the bank has remained innovative in delivering value to its stakeholders.
The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives.
It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals
Managing Director/Chief Executive Officer, Wema Bank, Mr Ademola Adebise,
