By Aliu Joshua
Wema Bank’s profit before tax soared 135% to ₦102.5 billion in FY 2024, with the bank proposing a final dividend of ₦1.00 per share. A ₦150 billion rights issue is slated to commence in April 2025.
*Key Highlights*
– *Robust Revenue Growth*: Wema Bank’s revenue surged across various business segments, driving profitability.
– *Operational Excellence*: The bank’s focus on operational efficiency and cost management yielded significant benefits.
– *Capital Raise*: A ₦150 billion rights issue is planned to strengthen the bank’s capital base and support future expansion.
– *Shareholder Returns*: The proposed final dividend of ₦1.00 per share underscores the bank’s commitment to rewarding investors.
*Impact*
Wema Bank’s impressive financial performance is set to bolster investor confidence and reinforce its market position. The planned rights issue will likely enhance the bank’s capital base, enabling it to pursue strategic growth initiatives and consolidate its presence in the industry.
