{"@context":"https://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://alat.ng/articles/wema-bank-set-to-end-2020-on-a-high-following-successful-agm"},"headline":"Wema Bank Set To End 2020 On A High Following Successful AGM","description":"After a successful Annual General Meeting, the bank reported substantial growth in 2019, with interest income and non-interest income rising by 23% and 74%, respectively. ","articleBody":"\"

Wema Bank Poised for an Exciting Future: CFO Unveils Growth Plans and Pandemic Response

Wema Bank Plc. is charting a bold course for the future, promising exciting developments for both the bank and its customers. This assurance comes from Wema's Chief Financial Officer (CFO), Mr. Tunde Mabawonku, who recently shared insights into the bank's remarkable growth and ambitious plans.

Following a successful Annual General Meeting held by proxy last month, Mr. Mabawonku highlighted the significant strides Wema has made in recent times. The bank saw impressive growth in its 2019 performance, with interest income and non-interest income surging by 23% and 74% respectively compared to the previous year. This impressive non-interest income rise was driven by a 22.9% growth in Net Fees & Commission, fueled by increased transaction volumes across various electronic channels like ATMs, POS, mobile banking, and online banking. Notably, Net Trading Income experienced a remarkable 167.45% leap year-on-year due to increased income on Treasury Bills.

However, Mr. Mabawonku acknowledged the potential impact of the COVID-19 pandemic on various sectors, emphasizing that some companies will be affected more than others. He categorized sectors based on their expected pandemic exposure, ranging from low exposure industries like healthcare and telecommunications to high exposure sectors like entertainment and oil & gas.

To mitigate the pandemic's effects, Wema Bank has implemented a robust Business Continuity Plan focused on two key pillars: business continuity and the safety of customers and staff. Notably, the bank offered a moratorium on SME loan repayments during the pandemic, demonstrating its commitment to supporting its customers. Additionally, Wema is adapting to the "new normal" by equipping its workforce and ensuring customer safety across all touchpoints.

Looking ahead, Mr. Mabawonku expressed confidence in the bank's ability to achieve its 2020 goals. He highlighted the success of their technology-led initiatives like ALAT, Nigeria's first fully digital bank, which continues to yield positive results. Despite the economic challenges, Wema plans to leverage ALAT for strong customer acquisition and retention throughout 2020. Furthermore, the bank will explore capital-raising options from shareholders and investors, both locally and internationally, while building strategic partnerships.

To achieve its ambitious goals, Mr. Mabawonku identified key areas for improvement, including optimizing deposit mix and reducing the cost of funds. He believes that the revamped retail structure will play a critical role in increasing low-cost funds. Additionally, improving the bank's cost-to-income ratio remains a vital focus area.

With its impressive progress and future-oriented plans, Wema Bank stands poised for an exciting and rewarding future for its employees, customers, and shareholders. Mr. Mabawonku's insights have instilled confidence and paved the way for a promising journey ahead.

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