Wema Bank‘s Financial Fundamentals Remain Strong, Says CEO

The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Ademola Adebise, has reassured customers and shareholders that the bank has strong financial fundamentals and reliable performance metrics, riding on the back of seasoned and astute leadership.

Adebise stated this against the insinuations of weak liquidity. Wema Bank Plc posted gross earnings of about N81 billion and profit after tax of N5.1 billion for year ended December 31, 2020. The CEO explained that the strength and viability of financial institutions were not measured on the isolated performance of one outlier year, stating that, “Wema Bank has continually exhibited not just resilience, but admirable viability over the years with a 30.95 per cent increase in earnings recorded in just 2019.

“Then came 2020, and in spite of the difficulties, we succeeded in achieving impressive results in key areas such as net earnings from fees and commissions, while growing the bank’s asset base significantly.

That’s not all, customer credibility in the bank was also accentuated with a massive increase in customer deposits over the previous year. This is an audacious show of confidence from our customers at Wema Bank. These performance metrics amongst others, are testament to our smart balance sheet optimisation approach which will be affirmed by the time the audited and official 2020 Financial Report is released in the coming weeks,” he said.

According to him, the bank’s performance in the 2020 made it one of the best performing financial institutions in the land given the challenging operating environment.

“We won the BusinessDay award for the Best SME Bank of the Year for 2020. A recognition of our unrivalled support for small and medium scale businesses through loans, business advisory, and ease of payments and transactions. Also, the recently published 2020 KPMG Customer Experience Survey, showed Wema Bank making significant growth in the retail category, climbing up ten (10) places from the previous year to 2nd position, with an above industry average of 74.6 per cent Customer Experience score. This achievement is a mark of dedication to excellent customer service and refreshing support for all our customer categories.

The KPMG Customer Experience Survey grades banks over six universal pillars of Personalization, Integrity, Expectations, Resolution, Time & Effort and Empathy, and Wema Bank has showed a mastery of these pillars and have been outstanding at all of them,” he said.

Adebise added that in line with the bank’s sustainability goal of developing digital solutions for societal impact, it successfully organised the second edition of Hackaholics, a radical gathering of developers, web designers and creative thinkers to develop solutions around key themes of education, health, agriculture, fintech, gaming & betting.