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Wema Bank reports N1.5bn profit in 6 months

Wema Bank of Nigeria Plc yesterday released its half year financial statements for the year ended 30 June 2018 which indicate that the company’s profit after tax was ₦N1.57 billion as against ₦N1.22 billion recorded in H1 2017.

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According to the release to the Nigerian Stock Exchange, the bank reported net interest income of N₦9.09bn for the period compared to ₦N8.48bn reported for the period ended June 2017. 

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This represents a 7 per cent increase for the comparative period in 2017.

Profit before tax was ₦N1.81bn for the period ended June 2018, a 27% increase from ₦N1.43bn reported for the period ended June 2018.

The Acting MD/CEO, Ademola Adebise, in his comments said the performance of the bank in the first half of the year was largely in line with their  expectations. 

“Deposit grew by 39% to N354.88bn (FY 2017; N254.5bn) on the back of continued acceptance of the Wema brand and the sustained success of ALAT – our flagship digital bank. 

“We also improved our earnings capacity – Gross earnings increased by 5.12% from N30.37bn (H1’2017) to N31.93bn (H1’2018), while Profit before tax closed 27.44% higher at N1.83bn.”

He said during the period, the bank secured credit lines of $15 million and N7.3bn from the African Development Bank (AFDB) and the Development Bank of Nigeria (DBN) to drive SME business.

The bank is also expected to open the 2nd tranche of its debt issuance programme in a few weeks. 

Wema Bank Plc closed trading yesterday at ₦0.69, with a 1-year return of 25.45 per cent.

 

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