Wema Bank, Nigeria’s pioneering digital bank and the creator of ALAT, Africa’s first fully digital bank, received high praise from its shareholders for an outstanding financial performance in 2023 at its Annual General Meeting (AGM) held on Tuesday, May 28, 2024.
The AGM, a key annual event for shareholders and stakeholders to review the bank’s financial health and strategies, saw shareholders expressing satisfaction with what many described as the best AGM in the bank’s history. The financial results presented were equally impressive, with the 2023 fiscal year being touted as the bank’s most profitable yet.
Shareholders unanimously approved a N0.50 dividend per share for the fiscal year ending December 31, 2023. They also endorsed the appointment of Yewande Zaccheaus, Yusuf Kazaure, and Segun Opeke as new members of the Board of Directors.
The financial highlights for 2023 included a remarkable 196% increase in Profit Before Tax (PBT) from N14.75 billion to N43.59 billion, a 220.4% rise in Profit After Tax (PAT) from N11.21 billion to N33.66 billion, and a 70.63% increase in Gross Earnings from N132.30 billion to N225.75 billion. Loans disbursed grew by 53.64%, reaching N801.10 billion, and Earnings per Share surged by 220.53% from N87.2 to N279.5.
Moruf Oseni, Wema Bank’s Managing Director/CEO, expressed gratitude for the support from shareholders, the board, and employees. He highlighted the bank’s progress towards meeting the Central Bank of Nigeria’s (CBN) recapitalization target of N200 billion. The bank’s capital base has already grown to N55 billion with the approval of a N40 billion Rights Issue, awaiting SEC approval for listing on the Nigerian Exchange.
“Our performance has been stellar, and the figures testify to that,” Oseni stated. “We are privileged to have the unwavering support of our shareholders and stakeholders. Our team of over 5000 employees has been crucial in achieving these results, working tirelessly to elevate the bank to new heights.”
Shareholder Mr. Badmus Tunde commended the bank’s leadership and longevity, stating, “79 years is no small feat. Wema Bank has navigated various challenges and continues to thrive. Kudos to the board and management for maintaining profitability and steering the bank forward.”
The approved N0.50 dividend will be disbursed to shareholders by May 29, 2024. With the momentum gained from 2023, Wema Bank is poised for another year of robust financial performance in 2024. Following SEC approval, the N40 billion Rights Issue is set to be listed on the Nigerian Exchange soon.