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| L-R: Oluwole Ajimisinmi, Company Secretary; Adeyinka Asekun, Chariman and Segun Oloketuyi, MD/CEO at the Wema Bank Plc 2015 Annual General Meeting held in Lagos |
By Abiodun Folarin
Wema Bank Plc, Nigeria’s
longest surviving indigenous bank on Thursday, May 5, 2016 hosted the Annual
General Meeting (AGM) to present the results for the year ending December 31,
2015 to the shareholders. It was also an opportunity to update the stakeholders
on the bank’s performance and commitment to more innovative banking services
that will help deliver their expectations.
Worthy of note during the
year under review, was that the bank delivered a 9.5% growth in gross earnings
driven by improved deposit liabilities. This was achieved through a well
structured risk management framework as demonstrated by NPL ratio of 2.67% and
cost of risk below 1%.
While addressing the
stakeholders, Segun Oloketuyi, Managing Director/ CEO, Wema Bank Plc, commended
the support of the shareholders and also highlighted some major achievements of
the bank during the year.
According to him, “We
appreciate the unique position of our shareholders and must confess that the
bank’s 2015 performance has demonstrated its resilience and commitment to continuously
deliver value to the stakeholders even in the face of obvious challenges.”
He explained that the
2015 financial year was a particularly challenging one for the banking sector
and economy as a whole.
“This was due to the
impact of reduced Government spending, policy changes in foreign exchange
administration, a depressed energy sector, declining manufacturing outputs and
elements of insecurity, which have continued to take a toll on consumer
spending and economic activities,” he said
He noted that despite
these challenges the bank was able to sustain its transformation drive with
total deposits for the period growing about 10% over the prior year to N284.9
billion, gross earnings improving to N46.0 billion from N42.19 billion recorded
in 2014, and closed the year with profit before tax remaining stable at N3.05
billion compared to N3.09bn in 2014.
The Bank also achieved
several significant milestones during the financial year. Top of the list was
the grant of a National banking license by the Central Bank of Nigeria,
authorizing physical presence across the country.
It will be recalled that
the Bank celebrated its 70th anniversary with a brand repositioning exercise
which saw it change some core brand elements, giving way to a more vibrant and
dynamic look with an increased focus on service excellence. The Bank was also
awarded critical certifications of ISO 20000 and ISO 27001 and launched the
Card control security feature on its mobile app - a first in the industry.
Mr Oloketuyi, while emphasizing
the bank’s commitment to better performance noted that, “Given the challenging
outlook for 2016, the Bank has started the year with a renewed focus on its
strategic aspiration of becoming a leading retail bank in Nigeria.
“The continued implementation of Project
L.E.A.P- (the Bank’s Growth Strategy), narrowed our focus and channeled our
efforts towards specific opportunities with great potential and symbiotic
relationships. This strategy, in its final phase, will continue to guide the
Bank’s allocation of resources in 2016.”
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