{"@context":"https://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://alat.ng/articles/wema-bank-holds-agm-by-proxy-assures-stakeholders-of-growth"},"headline":"Wema Bank Holds AGM by Proxy; Assures Stakeholders of Growth","description":"Following the bank's 75th-anniversary celebration, stakeholders received dividends and gained insights into Wema Bank's impressive 2019 performance. With a 32.65% increase in gross earnings to N94.89 billion, a 56.16% growth in Profit After Tax (PAT) to N5.2 billion, and a 40.83% rise in Profit Before Tax (PBT) to N6.76 billion, Wema Bank showcased resilience and strategic growth. ","articleBody":"\"

Wema Bank Celebrates 75th Anniversary and Announces Strong 2019 Performance

Wema Bank Plc., Nigeria's leading innovative bank, capped off its 75th anniversary celebration with a successful Annual General Meeting (AGM) on 18th May 2020. Held in proxy compliance with CAC guidelines due to the pandemic, the AGM offered shareholders and the investment community valuable insights into the bank's impressive performance in the 2019 financial year.

The meeting, moderated by chairman Mr. Babatunde Kasali, saw shareholders applauding the bank's achievements: 75 years of service, 3 years of digital banking with ALAT, and the stellar 2019 results.

Financial Highlights:

Gross Earnings: N94.89 billion, a 32.65% increase from 2018.
Profit After Tax (PAT): N5.2 billion, a 56.16% increase year-on-year.
Profit Before Tax (PBT): N6.76 billion, a 40.83% improvement from N4.8 billion in 2018.
Customer Deposits: N577.28 billion, a 56.35% increase over 2018.

MD/CEO Mr. Ademola Adebise attributed the success to the bank's "Double in Two" strategy, aimed at boosting profits while reducing costs. He also credited aggressive marketing campaigns for ALAT's role in attracting new deposits.

Dividend and Future Growth:

Shareholders unanimously approved a four kobo per share dividend, translating to an 8% increase compared to 2018. Mr. Adebise assured investors of continued growth, stating that "despite current pandemic challenges, our bank's underlying strength, asset quality, and position as parent to ALAT give us a competitive advantage."

In conclusion, Wema Bank's AGM showcased a remarkable 2019 performance, fueled by its innovative strategy and commitment to digital banking. The bank's positive outlook for the future, despite the pandemic, bodes well for continued growth and shareholder satisfaction.

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