Wema Bank assures on financial fundamentals – Wema Bank has reassured that it remains on strong financial fundamentals and reliable performance metrics.
Managing Director, Wema Bank Plc, 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, said the report was only a deliberate campaign to create panic among its stakeholders using false news, and therefore should be discountenanced,
According to him, the strength and viability of financial institutions are not measured on the solo performance of one outlier year 2020, a year when COVID-19 induced a lockdown and a disruption of such magnitude that negatively impacted businesses, industries and economies the world over.
He noted that Wema Bank has continually exhibited not just resilience, but admirable viability over the years with a 30.95 per cent increase in earnings recorded in just 2019.
He added that despite the difficulties in 2020, the bank 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.
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“These performance metrics, amongst others, are testament to our smart balance sheet optimisation approach which will be affirmed by the time the audited and official 2020 Financial Report is released in the coming weeks, ” Adebise said.
He 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 per cent Customer Experience score. This achievement is a mark of dedication to excellent customer service and refreshing support for all our customer categories,” Adebise said.
He explained that the KPMG Customer Experience Survey grades banks over six universal pillars of personalisation, integrity, expectations, resolution, time and effort and empathy, and Wema Bank has showed a mastery of these pillars and have been outstanding at all of them.
He added that in line with the bank’s sustainability goal of developing digital solutions for societal impact, it successfully organised the second 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,” Adebise said.
He pointed out that with its financial and non-financial performance metrics, it is not in doubt that Wema Bank is not only standing firm, 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 organisation, 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 said.