Wema Bank holds AGM today

Wema Bank Plc is to hold its Annual General Meeting for the year ended December 31, 2020, today.

The statutory annual gathering of shareholders and other critical stakeholders of the bank will take place at the bank’s corporate head office where the financial results for the year 2020 and other important issues related to the growth plans of the bank will be deliberated.

In line with the current Covid-19 prevention and containment protocols, the meeting will be held virtually with shareholders enabled to take part via a Zoom conference call. At the meeting, there will be strict adherence to social distancing rules and use of face mask by every participant at the physical meeting as directed by the health authorities.

Wema Bank Plc recently released its audited results for the year ended 31st December 2020. The bank recorded a year-on-year double-digit growth of 39.42 per cent in customer deposit of N804.87 billion in full-year 2020, up from N577.28 billion recorded in the full year 2019.

The results showed that net loans closed at N360.08 billion, which was a growth of 24.49 per cent, compared with N289.24 billion recorded in 2019, as the bank continues to support its customers across multiple sectors of the economy.

Similarly, Wema Bank’s non-performing loans (NPL) was pushed down to 4.70 per cent year-on-year, from 7.38 per cent in 2019.

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.

“We have remained resilient and have continued to grow efficiently as we persist in adapting our corporate strategy to yield strong financial results despite the adverse economic situation,” he explained further.