Wema bank profit surges by 68% in Q1 2017

Wema bank profit surges by 68% in Q1 2017

Wema bank plc, a tier 2 lender in Nigeria said its interest income for first quarter 2017 rose to NGN12. 3 billion compared to NGN9.6 billion recorded same period 2016.

Th bank’s interest expenses for the period was NGN8.3 billion against NGN5.6 billion recorded in the previous year.

The report showed that the Bank’s net interest income fell to NGN3.9 billion against NGN4.0 billion recorded in 2016 since its impairment charge for the period was NGN11.6 million loss compared to NGN34.6 million profit recorded in the year before.

The Bank’s operating income increased by to NGN6.7 billion compared to NGN5.6 billion recorded in the year 2016.

Wema bank said it recorded NGN849.2 million as profit before tax in the period in review against NGN505.3 recorded in the year before.

After deducting its tax for the period, its profit for the period was NGN721.8 million against NGN429.5 million recorded in fiscal year 2016, which represent 68% rise year on year comparison.

Wema bank plc acquired NGN411.4 billion assets in 2017 compared to NGN421.2 billion acquired in 2016 while its total liabilities was NGN362.2 billion against NGN372.7 billion recorded in 2016.

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