Wema Bank Promises Brighter Future

The Chairman of Wema Bank Plc, Mr. Adeyinka Asekun, yesterday assured shareholders of better results that will lead to dividends in the years ahead.

Speaking at the annual general meeting held in Lagos, Asekun said guided by the robust risk management platform put in place by its board, the would consolidate and build on the successes of 2014 and the prior years.

“The benchmarks for the bank in 2015 as it has been in recent times, will continue to be challenging as we push the limits of what is attainable. We will continue to leverage on technology and innovation to transform customers experience while we accelerate our digital business platform to allow us meet our customers where they are,” he said.

According to him, the bank will continue to evolve even in the coming months as it explore new frontiers in business development, service delivery and settlement platforms.

“We will expand our footprint in 2015 in an efficient manner in order to get maximum returns on our investment,” he said.

Reviewing the performance of the bank for 2014, he said Wema Bank focused on its core areas of expertise especially the retail and commercial segment of the market as it navigated the systematic headwinds of the second half of the year.

He said that the bank’s total assets rose by 16 per cent to N382 billion from N331 billion in 2013just as deposits grew by 19 per cent to N259 billion from N 218 billion in the same period in 2013.Gross earnings was up by 14 per cent to N42 billion while Net interest income increased to 18 billion representing 38 per cent increase.

Some of the shareholders who spoke at the AGM, commended the bank for its resilience.

For instance, the President, Nigerian Shareholders Solidarity Association, Chief Timothy Adesiyan hailed the bank for the improved performance recorded year. He, however, added that the board should ensure that shareholders get returns for their investments in the coming years.