Wema Bank plc has announced an impressive performance in half year ended June 30, 2019 with profit before tax gaining 43 per cent.
The unaudited result and accounts for the period showed improved profitability and strong balance sheet as the management drive loans and advances to customers despite uncertainty surrounding the 2019 general elections.
The bank in its result and accounts to The Nigerian Stock Exchange (NSE) on Friday, reported N2.61billion profit before tax in H1 2019 from N1.8 billion reported in H1 2018.
From the profit and loss figures, the lender reported 27.5 per cent increase in gross earnings to N40.8 billion from N32billion in prior half year unaudited accounts.
Further checks by Westernpost revealed 29.4 per cent increase in total assets to N632.5billion as at June 30, 2019 from N488.8billion reported in full year ended December 31,2018.
Wema Bank’s increase in total assets was driven by 11.4 per cent increase in loans and advances to customers to N280.96billion as at June 30, 2019 from N252.2 billion reported in 2018.
The bank in 2018 financial paid its shareholders a dividend of 3kobo per share, the first time in 14 years.
The Bank last year recorded other notable achievements during the year; It successfully raised Tier-2 capital of N17billion and retained its Investment grade ratings from Fitch, GCR and Agusto.
The MD/CEO, Wema Bank, Mr. Ademola Adebise had attributed the lender’s recent performance on improved Deposit mobilization while at the same time working down its cost of funds.