Wema Bank will hold AGM today

Wema Bank PLC is to hold its Annual General Meeting for the year ended December 2020 today, May 25. The statutory general meeting will hold at the bank’s corporate head office where the financial results for the year 2020 and other critical issues affecting the bank will be discussed.

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 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 bank’s balance sheet is good as it adhered to safe lending rules by the CBN and kept its non-performing loans low as well as drove transaction income.

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