Wema Bank Grows Q2 Revenue By 15.2%

Wema Bank

Wema Bank PLC, a tier 2 bank in Nigeria has just released its Q2 2016 result where its gross interest income rose by 15.2%.

At the end of the quarter, the bank’s net income grew to NGN20,1 billion compared NGN17,4 billion recorded within the same quarter last year.

However, income expenses grew rose to NGN11,6 billion versus NGN8,4 billion expended same quarter last year.

Wema Bank’s net profit for the quarter grew by 10% to NGN1,1 billion. Last year, the company’s net profit was NGN1,0 billion. Total liabilities for the period stood at NGN344 billion compared to its total asset quoted as NGN391 billion.

Wema Bank is owned by a consortium of private and public investors. Till date, the bank’s shareholding is shared as- SW8 Investment Ltd with 24.9%, Odu’a Investment Company Limited has 10% and Private Investors & Wema Bank Staff with 65.71% stake in the company.

The Wema Bank’s [WEMABNK] stock currently trades at NGN0.79 kobo. The stock has fallen by 9.1% for the last 12 months


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