New Telegraph

Shareholders Commend Wema Bank’s Improved Performance

Shareholders of Wema Bank Plc have commended its board and management for delivering a good result in the 2022 financial year. They gave the commendation at the lender’s 2022 Annual General Meeting (AGM) held on Wednesday, May 31, 2023. Specifically, a shareholder, Mr. Badmos commended the bank for proposing to pay 30kobo dividend per unit of ordinary share, saying it is the biggest in the history of the bank.

He charged the new management to sustain the tempo of excellent corporate performance so that shareholders could continue to get value from their investments. Speaking at the event, the Managing Director/ Chief Executive Officer of the bank, Mr. Moruf Oseni, said the present management which he leads is poised to making the bank the best financial house digitally.

Oseni said his management team was determined to scale up the bank, stressing that they would take it to its rightful place in the industry. According to him, the welfare of staff members would also be accorded top priority as a way of motivating them to contribute more in terms of their output.

In its audited financial results for the period ended December 31, 2022, the bank recorded gross earnings of N131.08 billion year-on-year, representing an increase of 42.3 per cent over the N92.14 per cent posted in 2021. The results, which showed positive fundamentals across board, revealed a growth of 44.7 per cent year on year in interest income to N106.07 billion from N73.30 billion. Non-interest income shot up to N25.01 billion to N18.83 percent, an increase of 32.8 per cent.

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