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Wema Bank Records Post-Tax Profit of N1.6b in 6 Months

By Dipo Olowookere

Middle level Nigerian financial institution, Wema Bank Plc, on Monday released its financial statements for the first half of 2018.

The lender, which prides itself as a leader in digital banking in the country, improved its profit after tax by 28.8 percent to N1.6 billion from N1.2 billion it achieved in the first half of 2017.

Highlights of the earnings released by the firm to the Nigerian Stock Exchange (NSE) showed that the profit before tax closed at N1.8 billion as at June 30, 2018 compared with N1.4 billion in the same period of last year.

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However, the bank recorded an interest income of N25.4 billion in the period under review against N25.5 billion in the first six months of 2017.

But the net trading income stood at N3.3 billion as at June 30, 2018 in contrast to N527.1 million as at June 30, 2017.

For the operating income, the bank recorded N15.4 billion in H1 2018 against N13.4 billion in H1 2017.

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Business Post reports that during the period under review, deposits from customers grew by about N103 billion to N354.9 billion from N251.7 billion exactly a year ago.

In the financial statements, Wema Bank achieved a net interest income of N9.1 billion against N8.5 billion in the first six months of 2017, while net impairment loss on financial assets stayed at N344.2 million in contrast to N88.4 million in H1 2017.

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In addition, the net interest income after impairment charge for credit losses closed at N8.8 billion against N8.4 billion in the corresponding period of last year, while the net fee and commission income ended at N3 billion compared with N3.9 billion in H1 2017.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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