There are certain key metrics considered in choosing a Bank’s financial strength. These metrics are total asset growth, loan book growth, profit growth, cost-to-income ratio movement and return on average equity.
Also there are seven assessment pillars, in judging a workplace that invests in talents and helps people build careers. These pillars are: the ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity and spread of educational backgrounds.
Wema Bank has exceeded expectations of many stakeholders in the industry by beating its competitors to clinching the topmost position in these rankings.
A recent report said 13 publicly quoted banks posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020. Wema Bank was one of the banks.
During the first six months of 2022, the report said the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1 per cent compared to N443.17 billion recorded in the corresponding period of 2021.
Wema bank, being one of them, grew its bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country. While some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation, Wema Bank did not.
In the recent report, Wema Bank came first in the category of leading banks by customer deposits growth. The bank recorded 30.2 per cent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with 13.1 per cent and 12.8 percent respectively.
Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}. The Bank’s total asset growth rate and cost-to-income ratio growth rate is superb.
In fact, Financial experts would assert that Wema Bank is Nigeria’s most innovative bank and best-performing bank in the first half of the year 2022 (H1’22). The institution has a weighted average score of 2.83 points, beating 12 other banks.
According to the special report on the Nigerian banking performance in H1 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in another category. Stanbic IBTC and First Bank of Nigeria Limited were second and third respectively.
The bank under the leadership of its MD/CEO, Mr. Ademola Adebise, ranks among the 25 best workplaces where people can grow their careers in the 2022 LinkedIn Top Companies.
LinkedIn Top Companies is the latest favourable ranking for Wema Bank, which was also rated highly in the 2021 KPMG Nigeria banking industry customer experience survey.
The LinkedIn Top Companies is a ranking of the 25 companies that are investing in talents and helping people build careers that will set them up for long-term success.
The report classified Wema Bank as number three in SME banking, using the six pillars of customer experience excellence, including integrity, resolution and expectations. Wema Bank has an impressive track record in talent development and management. It can be said that it made the list by performing excellently on the seven assessment pillars used for the first yearly ranking.
The financial institution is committed to growing talents and staff welfare. Its unique ability to advance its employees’ promotions and standardize job titles when they move to a new company is quite impressive. Employees across the company are gaining skills while employed at the company, using standardised LinkedIn skills.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
