wema Bank grows total assets to N1trn in 2020


Wema Bank

By Babajide Komolafe

Wema Bank Plc has recorded a total assets  of N1 trillion for the financial year ended December 2020. Meanwhile the bank has proposed dividend payment of 4 kobo per share, making it the third consecutive year of paying dividend. 

The Chief Finance Officer of the bank, Tunde Mabawonku who gave updates on the results, said the bank weathered the disruptions of the 2020 financial year through a sharp focus on safe lending, keeping non performing loans low and driving transaction income.He explained further that the bank remains resilient and has continued to grow its business in an efficient manner as we persist in adapting our strategy to yield strong financial results despite the adverse economic situation. 

According to the audited financial statements of the bank, Customer Deposit rose by   39.42% to N804.87billion in 2020 from   N577.28 billion in 2019.  

The results show that net loans grew by 24.49% to N360.08 billion from N289.24 billion from…

Source: Vanguard Newspaper