Home Business Wema Bank Grew 2018 Half Year Profit By 28.84 Percent

Wema Bank Grew 2018 Half Year Profit By 28.84 Percent

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Wema Bank Plc, which prides itself as a leader in digital banking in Nigeria was able to sustain its earnings performance for the period ended June 30, 2018, as the bank grew its profit after tax by 28.84 percent, from N1.218 billion in 2017 to N1.569 billion in 2018.

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.

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.

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