Wema bank celebrates 78th anniversary, mulls strategies to transit to tier 1 institution

Wema Bank’s profit rises by 97 per cent to N10.48bn

Wema Bank has said it is working to ensure it transforms into a tier one lender in Nigeria in no distant time.

The Managing Director, Moruf Oseni, said on Tuesday at the Marina Lagos office of the bank during its 78th anniversary celebration, that there has been an exponential increase in profits in the first quarter of this year and that he is optimistic that in no distant time, the bank will reclaim its place as a tier one financial institution.

He commended members of staff  for their hard work and customers for believing and sticking with the bank, while promising to provide better products and services in the years ahead.

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Speaking on his achievements since assuming office as the Managing Director, Oseni said: “I have this philosophy that when your numbers are good, you don’t need to say much. If you look at our Q1 results, for the first time, our cost to income ratio has changed to 71 percent.

“Profitability wise, that is the best Q1 result we have had in this bank in the past 13 years since all of us have been together. The details are in the numbers and anyone can have a look at the published reports.

“Our biggest milestone so far its that we have crossed to the very heights of banking in Nigeria. Six years ago, we launched a groundbreaking product called ALAT and since then, the testament both locally and internationally that it is a world class product and it has brought us back to the forefront of banking in Nigeria. Away from that, if you look at our records over the last few years, you would see an uptrend in all our numbers. Our best days are ahead of us.

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“Our aim is to take the bank back to where it was when some of us were kids and make it a tier one bank in Nigeria in the not too distant future and that is what we are working on. As a human being, you must give thanks to God for every milestone you achieve. For a banking institution that has lasted for 78 years, there are many of its peers that have disappeared. So, the fact that we have lasted this long is enough to celebrate. This is our eight decade and there would be a much bigger celebration when we hit 80 years,” he said. 

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