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WEMA debunks allegation of dip in liquidity status

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Wema Bank

WEMA Bank has reassured its esteemed customers and shareholders that it remains standing on strong financial fundamentals and reliable performance metrics, riding on the back of seasoned and astute leadership.

The Bank gave this reassurance through its Managing Director/Chief Executive Officer, Ademola Adebise, while reacting to a recent publication alleging a dip in its liquidity status, following the unaudited report for 2020. The MD/CEO said the allegation was a deliberate campaign to create panic among its stakeholders, and should be discountenanced.

He said: “The strength and viability of financial institutions are not measured on the solo performance of one outlier year.

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The said report based a lot of its false allegations on the unaudited 2020 financial year, a year when COVID-19 induced a lockdown and a disruption of such magnitude that negatively impacted businesses, industries and economies the world over.

“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. Then came 2020, despite the difficulties, we 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

“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.”

The CEO 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% Customer Experience score. This achievement is a mark of dedication to excellent customer service and refreshing support for all our customer categories.”

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He said the KPMG Customer Experience Survey grades banks over six universal pillars of Personalisation, Integrity, Expectations, Resolution, Time & Effort and Empathy, and Wema Bank has shown a mastery of these pillars and have been outstanding at all of them.

“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.”

With all these 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,” Adebise maintained.

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