Wema Bank Announces 72% Increase in Profit

• Wema Bank Announces 72% Increase in Profit

Wema Bank Plc has announced better than expected bottom-line for the nine months ended 30, 2018.

The bank’s net interest income climbed from N11.976 billion filed in 2017 to N15.349 billion. Net fee and commission income declined slightly to N5.421 billion in 2018, down from N5.551 billion.

However, surged in trading income from N1.603 billion to N4.276 billion boosted operating income to N25.448 billion, better than the N20.068 billion achieved in the same period of 2017.

Personnel expenses incurred during the period climbed from N7.844 billion to N8.564 billion, while other expenses rose from N8.644 billion to N11.864 billion.

According to the bank, profit before tax rose 69 percent to N3.057 billion during the period. Similarly, profit after tax climbed 72 percent to N2.644 billion, when compared with N1,529 billion in the corresponding period of 2017.

The bank recorded earnings per shares of 9.2 kobo during the period, up from 5.3 kobo in 2017.