The board of directors and management of Wema Bank Plc has assured existing and prospective shareholders that growth recorded so far will be sustained and improved upon. The managing director Mr Segun Oleketuyi gave the assurance in Lagos while responding to shareholders at the bank Annual General Meeting.
Oleketuyi noted that from negative earnings, what they have done in the last seven years is to build a bank which everybody will feel proud of. He said the bank decisions will be long term in order to achieve more efficient operations, which will enable the bank deliver superior returns to stakeholders in 2016.
Commenting on the 2015 financial he pointed out that despite the impact of the Treasury Single Account (TSA) and the harsh monetary environment in the year under consideration, the bank recorded improvements in its overall deposit volumes with a growth rate of 10 percent which is ahead of inflation.
On the issue of dividend, Tunde Mabawonku Chief Financial Officer of the bank said the process is ongoing, once the bank clears it negative retained earnings.
Although the bank first quarter result for the period ended March 31, 2016 is still on the downward side. The management expects government policies to address key areas that stifle meaningful intermediation especially risk, long term funding and the continued erosion of margins.
The bank also emphasized that technology will continue to play a big part in what they do in 2016 as they engage the market. Particularly with the National banking license which will allow they to significantly scale up their operations across the country.