Connect with us

SPONSORED

FIGURES DON’T LIE: WEMA BANK STANDING ON STRONG FINANCIAL FUNDAMENTALS -Adebise

Published

on

Wema Bank, Nigeria’s leading innovative and digital-driven financial institution has
reassurance its esteemed customers and shareholders that it remains standing on
strong financial fundamentals and reliable performance metrics, riding on the back
of seasoned and astute leadership.
The bank gave this reassurance, through its Managing Director/Chief Executive
Officer, Ademola Adebise, while reacting to a recent publication in the media
purportedly alleging a dip in its liquidity status following the unaudited report for
2020 with the MD/CEO saying the report is only a deliberate campaign to create
panic among its stakeholders using false news, and therefore should be
discountenanced,
He said, “The strength and viability of financial institutions are not measured on the
isolated performance of one outlier year. The said report based a lot of its false
allegations on the unaudited 2020 financial year. But that was a year when COVID-
19 induced a lockdown and a disruption of such magnitude that negatively impacted
businesses, industries and economies the world over.
“Wema Bank has continually exhibited not just resilience, but admirable viability
over the years with a 30.95% 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 the customers of Wema Bank
“These performance metrics amongst others, are testament to our smart balance
sheet optimization approach which will be affirmed by the time the audited and
official 2020 Financial Report is released in the coming weeks “

The CEO also referenced how well the Bank’s performance in the said 2020 makes it
one of the best performing financial institutions in the land.
“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% 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.
Furthermore, in line with the bank’s sustainability goal of developing digital
solutions for societal impact, it successfully organized 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.
These are intentional measures put in place to sustain an institution’s legacy of
economic evolution and social inclusion.
“We are a responsible corporate citizen with empathy as a core pillar of our
personality. Thus, we stood by the nation in the trying times of the COVID-19
pandemic with significant support for governments at both the federal and state
levels.
“Particularly to prevent severe food shortages and align with the SDG of Zero
Hunger, we supported State Governments with food palliatives donation which
alleviated the conditions of over 80,000 households of the most vulnerable
segments of the population.”

With all these financial and non-financial performance metrics, it is not in doubt that
Wema Bank is not only standing strong, it is also among the best performing
financial institutions in Nigeria, in 2020.
“I’ll take this opportunity to commend our customers for their sustained trust in us.
A support that has remained a critical pillar of our stability and growth over the
years, especially as we celebrate our 76th anniversary.
For us as a responsible and visionary organization, we are staying committed to our
corporate purpose of making life easier and better through innovation and digital-
driven lifestyle solutions for Nigerians and their businesses.” Adebise concluded.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

SPONSORED

Unity Bank Posts Assets Growth of 67.90% to N492.02 Billion, As Gross Earnings Hit N42.71 Billion in FY 2020

Published

on

Unity Bank Plc grew its assets base to N492.02billion representing a significant increase of 67.90% from the N293.05 billion of total assets value recorded in 2019. This is even as the agric-focused lender declared gross earnings of N42.71 billion within the period under review.

A review of the Bank’s audited results for full year ended 31 December 2020, released to the Nigerian Stock Exchange, showed that the Bank improved its bottom line marginally as Profit After Tax, PAT stood at N2.09 billion. Profit Before Tax, PBT closed at N2.22 billion, in a year that was defined by the unmitigated impact of global pandemic characterized by disruptions in business activities and general downturn that resulted in revenue/returns dip in major leading sectors globally.
The lender substantially grew its customers’ deposit portfolio to N356.62 billion, up from N257.69 billion in the corresponding period of 2019, representing a 38.4% growth. This affirms positive market uptake of the Bank’s product offerings, as well as the lender’s growing customer base to its recent aggressive push with agile customer-centric products, which has played a role in deepening financial services penetration especially to a wider world, underserved spectrum of the retail market.
Other major highlight of the audited financial statement relates to growth in its net operating income which rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71% increase. This is even as the net interest income recorded a significant jump, as it rose by 7.60% to N17.75 billion from N16.49 billion in the corresponding period of 2019. Earnings per Share closed at 17.85 Kobo.
The Bank’s gross loans portfolio increased by 92.9% to N206.2 billion in December 2020 from N106.9 billion in December 2019. The Bank’s lending strategy was specially tailored to support the nation’s food agenda. This had the added advantage of improving food security across the country, providing employment to thousands of youths and entrepreneurs, contributing to the conservation of FX stocks and mitigating security challenges by ensuring adequate empowerment of citizens and deepening skills acquisition across the value chain.
Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun stated that the results showed the resilience of the Bank during unprecedented times of uncertainties and our ability to innovate and focus on key balance sheet items that will enable us maintain growth trajectory.
She further opined that: “Consequently, for the year under review, the opportunities to significantly create more quality assets for the business, thought to have sustainable impact, informed part of choices made and we have seen some encouraging market uptake in this regard, apart from the benefits to the enterprise bottom-line that have also started trickling in. Other key performance indicators especially on the liability side of the business was equally not left out. The Bank deployed new product features and augmentation supported by omni-channel, USSD promotions and other channels to enhance services delivery efficiency, drive income generation capacities and enhance steady balance sheet growth for the year”.
Looking ahead, Somefun stated: “we will latch on targeted strategies to deploy significant investment in technology in order to ride the waves of the COVID-19 pandemic. On the back of this, the Bank focus on achieving major efficiency gains, deepening its retail footprints and penetrating identified cluster market segments, as bulwarks to tapping into various youth markets platforms, in addition to the mass market would get further boost”.
While laying outlook for the future, the Unity Bank’s Chief further stated: “The Bank is also looking to consolidate on the gains from its core business areas and niche in the agribusiness sector. The Bank has solidly financed over one million farmers over the past three years. These farmers cut across several primary crop production such as rice, maize, cotton, wheat, sorghum, etc coupled with their rich value chains, and we hope to continue to expand on this as we play our part in driving the country’s quest for self-sufficiency in food production.”
Analysts are of the view that having made appreciable impact in the agribusiness and its value chains consistently, the market is excited that the current year performance and different initiatives of the Bank show that the agribusiness is bankable not only as a differential positioning but also for sustainable business performance and profitability.

Continue Reading

SPONSORED

IWD 2021: WEMA BANK HOSTS WEBINAR

Published

on


Nigeria’s leading innovative bank, Wema Bank Plc., through its female proposition, Sara by Wema will also mark this year’s International Women’s Day (IWD) with a webinar on Friday, March 12 by 10.00 am.

The 90 minutes’ event themed ‘Challenge Today for an Equal Tomorrow’ will have key industry experts and leading female corporate policy influencers in the Nigerian financial, investment, talent development and management ecosystem as panellists.

The webinar aims at speaking to women on challenging societal norms to reach their full potential in entrepreneurship, the workplace, or personal lives. The Executive Director, Business Support, Wema Bank, Folake Sanu will host the webinar, while Team Lead, Business Process Re-Engineering, Wema Bank, Chika Adun, will moderate.

Other panellists include Founder, Green Investment Club and certified financial education instructor, Tomie Balogun; global leadership development expert, Dupe Akinsiun, and Chief Knowledge Officer, Wofin Tech Limited, Omilola Oshikoya.

Commenting on the importance of the webinar, Head, Brands and Marketing Communications, Wema Bank Plc. Funmilayo Falola, reiterated the institution’s belief in female empowerment and equity

“At Wema Bank, gender sensitivity and diversity are second to none – it is at the heart of our operations,” she said.

“With the 2021 IWD celebration, we are poised to entrench the importance of equity across the board as a sustainable voice for women to rise above every known challenge to the pinnacle of career excellence.

Our proposition, SARA, is a testimony that affirms Wema Bank’s commitment to towards the development of women and girls says Abiola Nejo, Head, Gender Banking

This year’s webinar is part of a week-long social media and online engagement with Wema Bank’s customers to share contemporary knowledge, deepening technology and financial inclusion for their business growth whilst growing the nation’s GDP. The bank also plans to use the webinar platform to launch its new gender loan offering for female business owners.

Interested participants can register for the webinar through

https://us02web.zoom.us/webinar/register/WN_HlLY84P7RfeqBZBo8RNg6A

Continue Reading

Trending

Copyright © 2021 GISTHOOD Nigeria.