Wema Bank assures shareholders of better returns on investment
The chairman of the bank, Adeyinka Asekun, while addressing shareholders at the yearly general meeting of the bank in Lagos on Wednesday, explained that the bank has embarked on a strategic business plan to expand its footoprint and increase visibility in the industry.
He pointed out that the strategy would enable the bank to record significant improvement in all areas of the business, adding that the bank would generate maximum returns to shareholders in the next financial year.
“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. “We will expand our footprint in 2015 in an efficient manner in order to get maximum returns on our investment.”
He stressed the bank’s resolve to remain focused on its core areas of expertise especially the retail and commercial segment of the market.
He said that the bank’s total assets rose by 16 per cent to N382 billion from N331 billion in 2013, even as deposits grew by 19 per cent to N259 billion from N 218 billion in the same period in 2013.
Gross earnings, according to him was up by 14 per cent to N42 billion while Net interest income increased to 18 billion representing 38 per cent increase.
“The bank would continue to leverage on its risk management platform as we are now fully basel 11 compliant and over the course of the year significantly increased capacity in the areas. As the bank grows into the New Year, Iam fully confident that there will be significant6 advanced in all areas of our business,” he added.