For the first time in over a decade, precisely in 14 years, shareholders of Wema Bank Plc will receive reward for their investment in the company.

Last Friday, the financial institution released its earnings for 2018 and the board recommended payment of cash dividend of 3 kobo per share to shareholders. However, this dividend payment is subject to approval of shareholders at the Annual General Meeting (AGM) later in the year.

Analysis of the financial scorecard of Wema Bank indicates the lender pushed its gross earnings up by 9.59% to N71.5 bn from N65.3 bn in 2017, while interest income appreciated by 8.60% to N57.6 bn from N53.1 bn. Net fees and commission increased to N6.5 bn from N5.6 bn, net trading income rose to N5.5 bn from N4.8 bn, while other income appreciated to N1.8 bn from N1.6 bn.

During the year, the bank’s total assets rose to N488.8 bn from N387.6 bn, while total liabilities went up to N437.9 bn from N337.9 bn, with shareholders funds rising to N50.9 bn from N49.6 bn. While profit before tax rose by 59.43% to N4.8 bn, profit after tax rose by 47.48% to N3.3 bn from N2.3 bn, with earnings per share going up by 48.28% to N8.60k from N5.80k.

Business Post reports that Wema Bank, before bouncing back, had undergone turbulent times, including lowering its coverage area before raising it again. The board and management took several steps to ensure the bank became healthy again and at the last AGM, the bank promised to resume payment of dividend very soon.

SOURCE (abridged): https://businesspost.ng/2019/03/31/wema-bank-announces-first-dividend-in-14-years-as-profit-rises-47/

Lol

Dividend of 3 Kobo per share is that one dividend?