Shareholders of Wema Bank Plc will soon begin to reap benefit of the bank’s turnaround as the first generation bank continues to improve its profitability.
Addressing shareholders at the Annual General Meeting of the bank in Lagos, its Managing Director, Mr Olusegun Oloketuyi, said the bank has entered the final stage of the restructuring process that started in 2009 and would soon be in a position to pay dividends to shareholders.
He noted that the bank had witnessed a remarkable turnaround over the years with consistent improvement in all key indicators.
He pointed out that despite the slow start to 2017, the bank recorded significant progress and was able to conclude its capital reorganisation scheme.
According to him, with all relevant regulatory approvals in place and duly passed and reflected in the 2017 financial year accounts, the conclusion of the exercise would now lead to an efficient balance sheet, as ploughed back profit can be capitalised to grow the business while positioning the bank for dividend payment in the near term.
He noted that given the relative decline in interest rates and possible growth within the economy, the bank will be re-opening the 2nd series of its N50 billion debt issuance programme within the next few months.
Chairman, Wema Bank Plc, Mr. Babatunde Kasali said the bank delivered on a substantial proportion of its strategic goal for 2017 while undertaking bold steps to ensure that it consolidated on earlier gains.
He pointed out that year-on-year, the bank continues to record significant achievements in various areas, which include the launch of ALAT, Nigeria’s first fully digital bank, as it also develops new capacities for sustainable competitive advantages.
He outlined that the bank’s business is focused on four areas including innovation and technology; relationships; risk management and national footprint to achieve its set targets.
“In our continued bid to continuously position the bank for sustainable competitive advantages, the bank invested in building new capabilities with the launch of ALAT, Africa’s first fully digital bank, in 2017, ALAT has recorded significant milestones especially around customer acquisition. Furthermore, we will continue to improve on our people through requisite trainings while driving and gaining efficiencies within our processes,” Kasali said.
He assured that the bank will continue to reinforce its commitment towards balance sheet optimization and income generation, efficiency and value creation for the customers and shareholders.
“As a bank, we look forward to 2018 with renewed confidence. Internally, significant steps will be taken in 2018 that will deliver value for our shareholders,” Kasali said.
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