Wema Bank Plc will hold its Annual General ‘ AGM ‘ Meeting tomorrow

Wema Bank Plc will hold its Annual General ‘ AGM ‘ Meeting tomorrow

The statutory yearly gathering of shareholders and other critical stakeholders of the bank will take place at the bank’s corporate head office where the financial results for the year ended December 31, 2020 and other important issues related to the growth of the bank will be deliberated on.

In line with the COVID-19 prevention and containment protocols, the meeting will be virtual with shareholders enabled to take part via a Zoom conference call.

In a statement, the bank stated that there would be strict adherence to social distancing rules and use of face mask by very participant at the physical meeting as directed by the health authorities.

Wema Bank recently released its audited results for the year ended December 31, 2020, showing double-digit growth of 39.42 per cent in customer deposit from N577.28 billion in 2019 to N804.87 billion in 2020. Net loans closed at N360.08 billion, a growth of 24.49 per cent on N289.24 billion recorded in 2019 as the bank continues to support its customers across multiple sectors of the economy. Non-Performing Loans (NPL) was pushed down to 4.70 per cent from 7.38 per cent. The bank closed with total assets and contingents of over N1 trillion.

Chief Finance Officer, Wema Bank Plc, Tunde Mabawonku, who provided insights into the 2020 results, said the bank weathered the disruptions of the 2020 financial year through a focus on safe lending, keeping non-performing loans low and driving transaction income.

“We have remained resilient and have continued to grow efficiently as we persist in adapting our corporate strategy to yield strong financial results despite the adverse economic situation,” Mabawonku said.

The bank has proposed a dividend of 4.0 kobo per share, the same rate paid for the 2019 business year, marking the third consecutive year of dividend payment.

“We have a clear strategy of becoming the “Most Dominant Digital Bank in Nigeria” by 2023. We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with eco-system partners on payments and settlements.

“During the year, Wema Bank was ranked second in the Retail Category and sixth in the SME category in the 2020 KPMG Customer Satisfaction Survey. The bank also received an award for the Best SME Bank of the Year for 2020 from Business Day, thus recognising Wema Bank’s continuous support for small and medium scale businesses through loans, business advisory and innovative payments and collections support,” Mabawonku said.