Wema Bank Grows Profit to N4.4bn in 2019

• Wema Bank Grows Profit to N4.4bn in 2019

Wema Bank Plc grew profit after tax to N4.406 billion in the period ended 31, December 2019, according to the financial results released through the Nigerian Stock Exchange.

The lender gross earnings surged from N71.52 billion in 2018 to N91.53 billion in 2019, while profit before tax grew from N4.797 billion filed in the preceeding year to N6.265 billion in 2019.

Net interest income rose from N26.992 billion to N23.898 billion in 2019. Accordingly, operating income grew from N37.376 billion in the same period of 2018 to N43.527 billion.

The bank’s liability stood at N667.333 billion with customers’ deposit accounting for majority of the available capital at N579.127 billion, up from N437.915 billion and N369.199 billion recorded for liability and deposit in 2018, respectively.

Total liability and equity rose from N488.804 billion to N721.361 billion during the period under review.