Wema Bank Reports N3.86 Billion Dividend

Wema Bank Plc has said its shareholders will receive a total dividend of N3.86 billion for the financial year ending December 2022, representing a total dividend of 30 kobos per share.

This was contained in the bank’s corporate action announcement to the Nigerian Exchange Limited.

The bank also revealed that the dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, May 9, 2023.

A statement signed by the bank also revealed that on May 24, 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of May 9, 2023, and who have completed the e-dividend registration and mandated the Registrars to pay their dividends directly into their Bank accounts.

The statement also said that the Bank’s Gross Earnings grew by 42% from N92.14 billion in 2021 to N131.08 billion in 2022.

Also, Profit before Tax (PBT) increased by 19% to N14.75 billion from N12.38 billion in FY 2021, and Profit After Tax (PAT) increased by 26% to N11.2 billion from N8.93 billion reported in FY 2021.