Wema Bank Plc, Nigeria’s longest surviving indigenous bank on Thursday, May 5, 2016 hosted the Annual General Meeting (AGM) to present the results for the year ending December 31, 2015 to the shareholders. It was also an opportunity to update the stakeholders on the bank’s performance and commitment to more innovative banking services that will help deliver their expectations.

Worthy of note during the year under review, was that the bank delivered a 9.5% growth in gross earnings driven by improved deposit liabilities. This was achieved through a well structured risk management framework as demonstrated by NPL ratio of 2.67% and cost of risk below 1%.

While addressing the stakeholders, Segun Oloketuyi, Managing Director/ CEO, Wema Bank Plc, commended the support of the shareholders and also highlighted some major achievements of the bank during the year.

According to him, “We appreciate the unique position of our shareholders and must confess that the bank’s 2015 performance has demonstrated its resilience and commitment to continuously deliver value to the stakeholders even in the face of obvious challenges.”

He explained that the 2015 financial year was a particularly challenging one for the banking sector and economy as a whole.

“This was due to the impact of reduced Government spending, policy changes in foreign exchange administration, a depressed energy sector, declining manufacturing outputs and elements of insecurity, which have continued to take a toll on consumer spending and economic activities,” he said

He noted that despite these challenges the bank was able to sustain its transformation drive with total deposits for the period growing about 10% over the prior year to N284.9 billion, gross earnings improving to N46.0 billion from N42.19 billion recorded in 2014, and closed the year with profit before tax remaining stable at N3.05 billion compared to N3.09bn in 2014.

The Bank also achieved several significant milestones during the financial year. Top of the list was the grant of a National banking license by the Central Bank of Nigeria, authorizing physical presence across the country.

It will be recalled that the Bank celebrated its 70th anniversary with a brand repositioning exercise which saw it change some core brand elements, giving way to a more vibrant and dynamic look with an increased focus on service excellence. The Bank was also awarded critical certifications of ISO 20000 and ISO 27001 and launched the Card control security feature on its mobile app – a first in the industry.

Mr Oloketuyi, while emphasizing the bank’s commitment to better performance noted that, “Given the challenging outlook for 2016, the Bank has started the year with a renewed focus on its strategic aspiration of becoming a leading retail bank in Nigeria.

“The continued implementation of Project L.E.A.P- (the Bank’s Growth Strategy), narrowed our focus and channeled our efforts towards specific opportunities with great potential and symbiotic relationships. This strategy, in its final phase, will continue to guide the Bank’s allocation of resources in 2016.”

Story By Stella Williams

TheStreetReporters.com is your BREAKING NEWS platform.

This post has already been read at least253 times!