Wema Financial institution Plc will maintain its Annual Normal Assembly tomorrow.
The statutory yearly gathering of shareholders and different important stakeholders of the financial institution will happen on the financial institution’s company head workplace the place the monetary outcomes for the 12 months ended December 31, 2020 and different vital points associated to the expansion of the financial institution will probably be deliberated on.
According to the COVID-19 prevention and containment protocols, the assembly will probably be digital with shareholders enabled to participate through a Zoom convention name.
In a press release, the financial institution acknowledged that there could be strict adherence to social distancing guidelines and use of face masks by very participant on the bodily assembly as directed by the well being authorities.
Wema Financial institution lately launched its audited outcomes for the 12 months ended December 31, 2020, exhibiting double-digit progress of 39.42 per cent in buyer deposit from N577.28 billion in 2019 to N804.87 billion in 2020. Internet loans closed at N360.08 billion, a progress of 24.49 per cent on N289.24 billion recorded in 2019 because the financial institution continues to assist its clients throughout a number of sectors of the economic system. Non-Performing Loans (NPL) was pushed all the way down to 4.70 per cent from 7.38 per cent. The financial institution closed with whole belongings and contingents of over N1 trillion.
Chief Finance Officer, Wema Financial institution Plc, Tunde Mabawonku, who supplied insights into the 2020 outcomes, stated the financial institution weathered the disruptions of the 2020 monetary 12 months by way of a deal with protected lending, maintaining non-performing loans low and driving transaction revenue.
“We’ve got remained resilient and have continued to develop effectively as we persist in adapting our company technique to yield sturdy monetary outcomes regardless of the antagonistic financial state of affairs,” Mabawonku stated.
The financial institution has proposed a dividend of 4.0 kobo per share, the identical charge paid for the 2019 enterprise 12 months, marking the third consecutive 12 months of dividend fee.
“We’ve got a transparent technique of turning into the “Most Dominant Digital Financial institution in Nigeria” by 2023. We’ve got positioned ALAT because the go-to platform by each growing buyer acquisition and dealing with eco-system companions on funds and settlements.
“In the course of the 12 months, Wema Financial institution was ranked second within the Retail Class and sixth within the SME class within the 2020 KPMG Buyer Satisfaction Survey. The financial institution additionally acquired an award for the Greatest SME Financial institution of the 12 months for 2020 from Enterprise Day, thus recognising Wema Financial institution’s steady assist for small and medium scale companies by way of loans, enterprise advisory and progressive funds and collections assist,” Mabawonku stated.