Wema Bank has declared a final dividend of N1.00 for every ordinary share of 50 kobo each, payable to shareholders whose names are recorded in the Register of Members as of the close of business on May 1, 2025.
This information was shared in a disclosure on the Nigerian Exchange (NGX) and signed by the company’s Secretary, Johnson Lebile.
According to the group, the final dividend pertains to the period ended December 31, 2024, and is subject to withholding tax as well as regulatory approval. It is also double the amount paid in the 2023 financial year.
Hinting at the payment date, the group stated that it will electronically distribute dividends directly into shareholders’ bank accounts on May 22, 2025, emphasizing that e-dividend registration is a prerequisite for this transaction.
Notably, the company will also hold its Annual General Meeting on the same day, May 22, 2025, aligning with the dividend payment schedule.
What to know
- Wema Bank’s final dividend of N1.00 translates to N21.4 billion.
- Based on a share price of N12.35, the dividend yield is 8.10%.
- The dividend also translates to a final dividend payment ratio of 24.42%.
- Wema Bank’s price-to-earnings ratio is 2.28x, lower than the industry average of 2.29x, indicating it is slightly undervalued.
Performance:
Wema Bank reported a pre-tax profit of N102.5 billion for FY 2024, indicating a 134.79% increase from last year’s N43.6 billion.
- Retained earnings reached N103.2 billion, up from N36.5 billion in 2023.
The company’s interest income stood at N354.6 billion, compared to N185.6 billion the previous year, with loans and advances contributing N233.8 billion and investment securities at N113.6 billion.
- Interest expenses rose by 81% to N177.5 billion, yet the group’s net interest income increased from N91.7 billion to N177.06 billion.
The company reported core operating income of N234.2 billion, a substantial increase from N122.4 billion the previous year.
- As of April 27, 2025, Wema Bank shares were priced at N12.35, reflecting a year-to-date gain of 35.71%.
