Dipo Olowookere
By Dipo Olowookere
The board of Wema Bank Plc, which recently recommended a dividend of 4 kobo per share to shareholders, has fixed May 18, 2020 for the payment date.
On Wednesday, the financial institution released the earnings of the company for the year ended December, 31, 2019.
In a disclosure on Thursday, the lender said the qualification date for the cash reward is Wednesday, May 6, 2020, while the register of shareholders will be closed from May 7, 2020 to May 12, 2020.
“On May 18, 2020, dividends will be paid electronically to shareholders whose names appear on the register of members as at May 6, 2020, and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts,” the notice from the firm said.
Also, Wema Bank said its “Annual General Meeting (AGM) will be held at Wema Towers 54, Marina Lagos, on May 18, 2020 at 11.00am.
“Due to government directives on the measures to prevent the spread of Corona Virus (COVID-19) attendance at the AGM shall strictly be by proxies.”
In the 2019 fiscal year, Wema Bank increased its gross earnings by 32.7 percent to N94.9 billion from N71.5 billion in 2018.
It also grew interest income to N70.7 billion from N57.6 billion, with the interest expense at N44.7 billion in contrast to N30.6 billion and the net interest income at N26.0 billion versus N27.0 billion in the corresponding period of 2018.
The net fee and commission income grew to N8.0 billion from N6.5 billion, while the trading income broadly rose to N14.8 billion from N5.5 billion, with other income reducing to N1.2 billion from N1.8 billion.
Wema Bank said its operating income increased to N44.1 billion from N37.4billion, while its personnel expenses jumped to N14.9 billion from N12.3 billion, with the other operating expenses rising to N19.1 billion from N17.6 billion.
The financial institution’s profit before tax increased to N6.8 billion from N4.8 billion, while the profit after tax skyrocketed to N5.2 billion from N3.3 billion, with the earnings per share (EPS) to 13 kobo from 8 kobo.
