See more as Wema Bank gives shareholders reasons to celebrate, declares final dividend

• Wema Bank of Nigeria has declared its last dividend and has doubled the payout from the erstwhile year
• The fiscal instauration recorded an awesome show and is acceptable for a full payout of N21.4 billion
• The slope reported a pre-tax nett of N102.5 cardinal for FY 2024, a 134.79% summation from the erstwhile year

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Wema Bank has declared a last dividend of N1.00 per stock for the 2024 fiscal year, marking a 100% summation from the erstwhile year’s payout.

The last dividend, which pertains to the play ending December 31, 2024, volition beryllium payable to shareholders whose names are recorded successful the Register of Members arsenic of the adjacent of concern connected May 1, 2025.

Wema Bank has doubled its last dividend Photo credit: Wema Bank
Source: Getty Images

The announcement was made successful a disclosure to the Nigerian Exchange (NGX) and signed by the company’s Secretary, Johnson Lebile.

According to the bank, the last dividend is taxable to withholding taxation and regulatory approval.

The payment, which volition full N21.4 billion, is acceptable for physics organisation into shareholders' slope accounts connected May 22, 2025.

Wema Bank emphasised that e-dividend registration is simply a prerequisite for receiving the payout, which coincides with the bank's Annual General Meeting (AGM) connected the aforesaid day.

Part of the connection reads:

“We are pleased to reward our shareholders with a 100% summation successful dividends, reflecting our beardown fiscal performance. “This summation is simply a testament to our robust nett growth, strategical investments, and committedness to delivering value.”

The dividend output is calculated astatine 8.10%, based connected a stock terms of N12.35.

The dividend besides represents a last payout ratio of 24.42%, demonstrating the bank’s committedness to distributing a steadfast information of its net to shareholders, Punch reports.

The Managing Director and Chief Executive Officer (MD/CEO) of Wema Bank Plc is Moruf Oseni. Photo credit: Wema Bank
Source: Facebook

Wema Bank's fiscal breakdown

Wema Bank’s awesome fiscal performance for FY 2024 was highlighted by a pre-tax nett of N102.5 billion, a singular 134.79% summation from the erstwhile year’s N43.6 billion.

The bank’s retained net surged to N103.2 billion, up from N36.5 cardinal successful 2023, and its involvement income climbed to N354.6 billion, driven by loans and advances contributing N233.8 cardinal and concern securities astatine N113.6 billion.

Despite an 81% emergence successful involvement expenses, which totalled N177.5 billion, the bank’s nett involvement income grew significantly, from N91.7 cardinal to N177.06 billion.

Core operating income also saw a important increase, reaching N234.2 billion, up from N122.4 cardinal successful 2023.

Zenith Bank announces monolithic profit

Legit.ng antecedently reported that Zenith Bank Plc announced it recorded gross net of N3.97 trillion successful 2024, which is an 86% summation from N2.12 trillion successful 2023.

The slope stated this successful its audited fiscal results released connected the Nigerian Exchange (NGX).

Zenith Bank's maturation was driven by a 138% emergence successful involvement income, bolstered by investments successful high-yield authorities securities and an expanding indebtedness book.

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Source: Legit.ng