Wema Bank is one of Nigeria’s strongest indegenous financial institutions, with over 77 years of unbroken banking operations. It has proven to be one of Nigeria’s foremost financial institutions that has continued to innovate and transform itself with revolutionary efforts in the deployment of digital technology to the satisfaction of its customers and stakeholders which cut across all segments and sectors of the Nigerian economy.
Not surprisingly, its 77 years of dependable services to its customers, investors, host communities, employees and other stakeholders affirm its indisputable leadership of the financial services industry in Nigeria.
The recent turnaround and improvement in the non-performing loans have also been a major boost in its quest to further improve profitability and reinforce its leadership of the financial services industry in Nigeria.
Just last month, Wema Bank Plc said its gross earnings rose by 50 percent from N39.82bn in the first half of 2021 to N59.59bn in the corresponding period of 2022.
Observers say wema bank’s current financial performance is driven by the competent and experienced Board, management and staff that is leveraging the sustainable change towards improving governance practices.
Wema Bank, in a statement said on its financial results for the period ended 30 June, 2022 that it also grew its interest income by 55 per cent year-on-year, from the N32.19bn recorded in H1, 2021 to N49.75bn.
The bank’s non-interest income went up from N7.64bn in the period ended 30 June, 2021 to N9.85bn, an increase of 29 per cent.
Wema Bank recorded a 43 per cent increase in profit before tax from N4.30bn over the same period last year to N6.13bn for the period under review.
Clearly, with its kind of banking operations, Wema Bank has made a loud statement that banking is a sort of relationship business. For ages, the bank has tried to leverage that relationship to grow and maximise shareholder returns. The bank’s profit after tax also increased from N3.72bn in H1 2021 to N5.30bn, reflecting a raise of 42 per cent.
The bank also grew its deposit by 13 per cent from N968.17bn reported in FY 2021 to N1.09tn in the H1 2022.
It grew its loans and advances from N418.86bn to N447.23bn in H1 2022, an increase of seven per cent.Significantly, because of her emphasis on the long term, Wema Bank, one of Africa’s largest retail banks both by retail-customer and assets base, apparently has put smiles on people’s faces with its decisions that has aided an healthy competition in the industry.
The Managing Director/Chief Executive officer of the bank, Mr Ademola Adebise, attributes the bank’s performance to increased customer satisfaction, through investment in technology.
He said, “Our performance has shown strong and promising results in the second quarter. Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging.
“That said, I am confident that despite increased volatility and uncertainty, we will continue to scale up, maneuver the environment, creatively manage our resources, and drive long-term, substantial returns for shareholders.”
In his remarks, the bank’s Chief Finance Officer, Mr Tunde Mabawonku, explained that the strong performance was from the bank’s diversification of its business and value derived from its digital assets
Mabawonku said, “This has been a strong first half with interest income up 55 per cent and profit before tax up 43 per cent compared to H1 2021.
“This strong showing is down to diversification at different levels of our businesses. Also, it is a testament to the advantage of our investment in digital banking assets which have continued to boost customer satisfaction and build trust for us.
With sophisticated, proactive management and staff, Wema Bank has notably excelled financially and is currently thriving on strong fundamentals, demonstrated by impressive performance.
The safety of customers and the security of their transactions is paramount for Wema Bank. So, with this, the Bank keeps the trust of customers over many years of its enduring legacy of safety and security.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
