Wema Bank Plc has restated its commitment to focus on creating innovative products that would drive its plans of becoming Nigeria’s dominant digital platform.

Addressing shareholders at the 2022 yearly general meeting, the Chief Executive Officer of the bank, Moruf Oseni, assured shareholders that the management would intensify efforts to ensure that the bank takes its rightful position in the industry.

According to him, the new management is poised to make the bank the best digital financial house.

He added that the welfare of staff would be given accorded top priority as a way of motivating them to contribute more in terms of output.

Besides, shareholders at the meeting approved a dividend of 30 kobo due to every investor of the bank for the 2022 financial year.
Oseni added that the management would step up engagement with the new government and other stakeholders to actualise its transition into a systemically important financial institution.

The company’s chairman, Babatunde Kasali said the goal of becoming a dominant player in the digital business would go hand in hand with its ongoing efforts to strengthen its corporate and commercial business.

In addition, Kasali said the bank would also continue its aggressive strategy to boost its commercial lending business alongside trade to enable it to achieve digital capabilities growth on a long-term basis.

“We would continue to pursue both organic and inorganic growth opportunities, building on our gains in the market share and deposit base. We also plan to complete the capital raise that we started in 2021 by the second quarter of the new year.”

He said the bank’s gross profit rose by 42 per cent from N92.1 billion recorded in the corresponding period in 2021 to N131 billion in 2022 while profit before tax stood at N14.8 billion from N12.4 billion in 2021 representing 19 per cent increase.

Also, the bank’s profit after tax rose from 26 per cent to N11.2 billion, up from N8.93 billion achieved in 2021. Its total deposit also increased from N927.5 billion to N1,165.9 billion in 2022.

Shareholders commended the bank’s adherence to corporate governance, especially in its succession plan.

Specifically, the President of NewDimension Shareholders Association, Patrick Ajudua, applauded the management for their prudent management of the affairs of the banks, urging them to ensure that the growth currently seen in the bank is sustained and surpassed.

He also charged the new management to sustain the tempo of excellent corporate performance so that shareholders could continue to get value from their investments.

Another shareholder, Alex Adio also commended the bank’s digital transformation, especially the ALAT digital platform.

He also urged the bank to reduce its administrative expenses to enable it to consolidate on the 2022 performance and enhance shareholders’ value on investment.