MANAGING Director and Chief Executive Officer, Wema Bank, Moruf Oseni, has said that the financial institution is set to become a tier one bank in Nigeria, with hands-on growth and development.
Speaking at the bank’s 78th anniversary and sixth anniversary of ALAT, Oseni said the bank’s N39.35 billion gross earnings in the first quarter of the 2023 financial period is a testament to what the bank is set to achieve.
Oseni noted that such a feat is the best the bank has had in 13 years, saying that the investing and international communities should watch out for greater things to come in the bank.
According to him, the Q1 2023 result showed the acceleration in the bank’s growth plan and its continued focus on delivering optimal returns to the investors as well as the impact of a talented workforce dedicated to delivering exceptional service to its customers.
He said, “For a banking institution that has lasted 78 years where many of its peers have disappeared, it behooves on us to celebrate. This is our eighth decade as we push to the nineth, obviously it is going to be a bigger celebration when we hit 80.
“The biggest milestone so far is that we have brought the bank to the very height of banking in Nigeria. Six years ago, we launched a ground-breaking product called ALAT and over the past six years, testimonies from both local and international stakeholders have shown that it is a world-class product.
“As far as we are concerned, it has brought us to the forefront of banking in Nigeria. If you look at our results over the last few years, you will see an uptrend in all our numbers.
“There is only one aim and it is to take this bank to where it was when some of us were kids. We intend to become a tier one bank in Nigeria in the not-too-distant future.
“If you look at our Q1 result, a philosophy says ‘when your numbers are good, you don’t need to say much.’ We released our Q1 result last week Friday and for the first time our cost-to-income ratio has dipped to 71 percent. Profitability wise, that is the best we have had in this bank in 13 years that all of us have been together so the details are always in the numbers,” he said.
Oseni further said that Wema Bank is back and the investing public and international community should watch as its best days are ahead.
He said, “When we started this administration with my executives, we said we are going to be pro people and pro performance. Our first quarter result is a testament. My philosophy in life is that when you take care of your people, your people will take care of you. I appreciate the efforts of every staff member. Our best is yet to come. This bank must go back to tier one.”
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