National Wire About Nigerians, Nigerian Business and Other Stories
Wema Bank Plc has grew its profit after tax by 28.84 percent, from N1.218 billion in 2017 to N1.569 billion in 2018, thus making the bank which prides itself as a leader in digital banking in Nigeria being able to sustain its earnings performance for the period ended June 30, 2018.
According to the bank’s Q2 financial posted on the website of the Nigerian Stock Exchange (NSE) on Tuesday, the bank’s Profit before tax was up by 26.61 percent, from N1.433 billion in 2017 to N1.814 billion in 2018.
However, interest income for the period under consideration was down slightly by 0.23 percent, from N25,453 billion in 2017 to N25,395 billion in 2018.
A further x-ray of the bank’s financials showed that Earnings per share was up by 28.13 percent, from 6.40 kobo in 2017 to 8.20 kobo in 2018. Other highlight of the half year financial statements shows that net trading income stood at N3.3 billion against N527.1 million recorded in the previous year.
While net interest income increased by 7.18 percent. Shareholders fund also recorded a slight increase by 2.44 percent which is above the last financial year. Meanwhile at the close of business on Tuesday July 17, 2018, the bank share price gained 7.9 percent to close at 68 kobo.
Photo Caption: Managing Director of Wema Bank Plc, Ademola Adebise
