Impressive financial metrics of Wema Bank delight shareholders.
NaijaNews Nigeria April 10, 2021
Wema Bank, Nigeria’s leading innovative and digital-driven financial institution has reassurance it’s esteemed customers and shareholders that it remains standing ons 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 in the media
purportedly alleging a dip in its liquidity status following the unaudited report for
2020 with the MD/CEO saying the report is only a deliberate campaign to create
panic among its stakeholders using false news, and therefore should be
He said, “The strength and viability of financial institutions are not measured on the isolated performance of one outlier year. The said report based a lot of its false
allegations on the unaudited 2020 financial year. But that was 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% increase in earnings recorded in just 2019.
Then came 2020, and in spite of 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 optimization 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.”
The KPMG Customer Experience Survey grades banks over six universal pillars of
Personalization, Integrity, Expectations, Resolution, Time & Effort and Empathy, and Wema Bank has showed a mastery of these pillars and have been outstanding at all of them.
Furthermore, in line with the bank’s sustainability goal of developing digital
solutions for societal impact, it successfully organized the second edition of 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
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 strong, 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 organizations, 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 concluded.