Wema bank says net profit rose by 9% in Q2

wema bank

Wema Bank PLC, a tier 2 lender in Nigeria said its net profit for the second quarter rose by 9% to NGN1.2 billion against NGN1.1 billion recorded in the year 2016.

Net interest income for second quarter 2017 rose to NGN25.3 billion compared to NGN20.1 billion recorded same period in the fiscal year 2016. The bank’s interest expense also increased to NGN16.8 billion against 11.6 billion reported in the year before.

Wema Bank’s net interest income lowered to NGN8.3 billion in the period under review against NGN8.5 billion recorded in the previous year while its operating income was higher at NGN13.3 billion in contrast to NGN12.6 billion posted in 2016.

Profit before tax rose to NGN1.4 billion compared to NGN1.2 billion recorded in the financial year 2016.

Total asset fell to NGN383.1 billion compared to NGN391.7 billion recorded in 2016 while its total liabilities slightly fell to NGN333.4 billion versus NGN344.5 billion posted in the year before.

Corporate Profile

Established in 1945, Wema bank is Nigeria’s longest surviving indigenous bank.

Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its ever-expanding clients. In 2009, the Bank underwent a strategic repositioning exercise which culminated in a decision to operate as a commercial Bank with regional authorisation in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011. However, in 2015, the bank was granted a national banking licence by the Central Bank of Nigeria.

Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory services to its numerous customers. The Bank operates a network of over 140 branches and service stations across Nigeria, backed by a robust ICT platform.