Wema Bank Plc, has declared a dividend of N21.43 billion representing N1.00 per share to its shareholders for the financial year ended December 31, 2024.
The Bank has released its audited results for the year 2024 to the Nigerian Exchange Limited (NGX). Wema Bank’s N1.00 dividend amounts to a 20.69 per cent payout ratio.
The Group posted a profit before tax of N102.517 billion as against N43.663 billion in the previous year, an increase of 134.7 per cent. Profit after tax shot up by 140.13 per cent to N86.29 billion from N35.93 billion reported in 2023.
Gross Earnings rose by 91 per cent to N433.434 billion in the year compared with N226.914 billion in the corresponding year.
Total deposits grew by 35.65 per cent to N2.524 trillion from N1.861 trillion reported in 2023. Similarly, total assets stood at N3.585 trillion in 2024, an increase of 60.04 per cent over N2.240 trillion recorded in the corresponding year.
The chief executive officer, Global Assets Management, Babatunde Shobamowo said that “from 22 per cent dividend growth in 2019, Wema Bank hit an all-time high of 104 per cent in 2024, an indication of consistency and generous dividend policy.
“The Bank also outperformed its competitors in the banking sector last year with over 60 per cent capital appreciation, thus emerging as the best-performing stock in the banking sector on NGX. The dividend policy and track record in capital appreciation exemplifies the premium it places on shareholder value.”
Speaking on the dividend declared for 2024, the national chairman of Progressive Shareholders Association, Boniface Okezie, said Wema Bank had kept to its promise of good returns to the shareholders, which is highly commendable, saying that “the progressive dividend payout is a strategic statement and an excellent reflection of the sound management and capability and good standing of the bank in the market.”
Okezie described the proposed dividend as generous and a motivator for the existing shareholders of the Bank, urging them to use the dividend to take up their right issue fully when the bank capital raise opens.
The group managing director of Wema Bank, Moruf Oseni recently said, “shareholders can always trust us that their investment in the Bank will produce exceeding returns.”
He added that “as we step into 2025, we remain focused on delivering superior returns to our shareholders and exceptional service to our customers. We are energized by the opportunities that lie ahead and confident in our ability to meet and exceed expectations.”
Wema Bank is at the forefront of meeting the recapitalisation requirements of the Central Bank of Nigeria for banks with the final phase of its capital raise of N200 of N149.3 billion by rights issue and N50 billion through private placement. The capital raise will strengthen the bank’s position to play a big role post-recapitalisation for banks.
