Wema Bank Plc Targets Increased Growth In 2015

Adeyinka Asekun

Wema Bank Plc says it will improve on its robust risk management mechanism to boost its profitability this year.

The Chairman, Wema Bank, Mr. Adeyinka Asekun, who stated this in Lagos, also said the lender would consolidate and build on the successes of 2014 and the previous years.

He said, “The benchmarks for the bank in 2015, as it has been in recent times, will continue to be challenging as we push the limits of what is attainable.

“We will continue to leverage on technology and innovation to transform customers’ experience, while we accelerate our digital business platform to allow us meet our customers where they are.”

Asekun also said the lender would continue to evolve in the coming months as it explored new frontiers in business development, service delivery and settlement platforms.

“We will expand our footprint in 2015 in an efficient manner in order to get maximum returns on our investment,” he said Commenting on the 2014 financial performance, the Wema Bank boss explained that the bank had remained focused on its core areas of expertise, especially the retail and commercial segment of the market, as it navigated the systemic headwinds of the second half of the year.

He said that the bank’s total assets rose by 16 per cent to N382bn from N331bn in 2013, just as deposits grew by 19 per cent to N259bn from N218bn in the same period.

Gross earnings was up by 14 per cent to N42bn, while net interest income increased to N18bn, representing a 38 per cent increase.

However, shareholders expressed dissatisfaction over the non-payment of dividend by the bank over the last five years.

The President, Nigerian Shareholders Solidarity Association, Mr. Timothy Adesiyan, while commending the bank for the improved performance recorded last year, urged it to ensure that shareholders got returns on their investments.

The Co-ordinator, Ibadan Shareholders Association, Mr. Shola Abodunrin, said there was a need for shareholders to get robust dividend for their investment.

“We want dividend for our investments.
We cannot be investing our money without anything to show for it.

We have exercised patience enough and we want the bank to do all it can to pay us dividend next year,” he added.