Wema Bank Grows Profit by 35% in Nine Months

• Wema Bank Grows Profit by 35% in Nine Months

Wema Bank Plc grew gross earnings by 24.43 percent in the nine months ended September 30 to N64.827 billion.

In the financial statements released on the Nigerian Stock Exchange website on Thursday, the lender net interest income rose 7.96 percent from N15.826 billion in the corresponding period of 2018 to N17.195 billion in 2019.

While net interest income after impairment charge for credit losses grew slightly by 1.41 percent to N15.570 billion, up from N15.349 billion.

This was due to a 70.62 percent increase in the net impairment loss on financial assets during the period under review to N1.624 billion.

Operating income, however, grew 18.85 percent from N25.448 billion in the first nine months of 2018 to N31.359 billion in the first nine months of 2019.

Wema Bank’s profit before tax rose by 35.4 percent from N3.056 billion in the corresponding period of 2018 to N4.731 billion in the period under review.

While profit after tax grew by 35.32 percent to N4.088 billion, up from N2.644 billion.