Wema Bank Grows Profit, EPS by 72.9% in Q3 Earnings

By Dipo Olowookere

Mid-tier financial institution, Wema Bank Plc, on Friday released its third quarter earnings to the Nigerian Stock Exchange (NSE).

The lender said in the first nine months of this year, its profit before tax grew by 69.9 percent to N3.1 billion from N1.8 billion recorded in the corresponding period of 2017, while the profit after tax appreciated by 72.9 percent to N2.6 billion from N1.5 billion.

From the results posted by the firm, the interest income closed at N38.9 billion versus N37.5 billion a year ago, while the net interest income climbed to N15.8 billion from N12.2 billion.

Also, the operating income increased to N25.5 billion from N20.1 billion, while the net fee and commission income dropped to N5.4 billion from N5.6 billion.

During the period under review, the interest expenses dropped to N23.1 billion from N25.2 billion, with the net trading income increasing by 166.8 percent to N4.3 billion from N1.6 billion.

According to the financial statements, the total assets for the period under review stood at N480. billion against N394.5 billion, while the total liabilities increased to N428.8 billion from N344.5 billion, with the shareholders’ fund at N52 billion in contrast to N50 billion it was in the first nine months of last year.

Business Post reports that the earnings per share (EPS) of Wema Bank in Q3 2018 stood at 69 kobo compared with 40 kobo exactly 12 months ago, indicating a growth by 72.9 percent.