Wema bank grows profit 28.8% in H1 2018
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Wema Bank Plc. has reported a 28.8 percent increase in its profit for half-year ended June 30, 2018.
Profit for the bank grew from N1.2 billion in June 2017 to N1.6 billion in June 2018 on account of a 526 percent boost in net trading income and a N12.5 million or 2.5 percent decline in personnel expenses.
The financial statements released Monday via the Nigerian Stock Exchange (NSE) showed that the profit before tax increased to N1.8 billion as at June 30, 2018 from N1.4 billion in the same period of 2017.
Other highlights indicate a marginal decline in interest income of N25.4 billion in the period under review as against N25.5 billion in the corresponding period of 2017.
Interestingly, the bank’s balance sheet show nill records for deposits from banks in the current period under review, but deposits from customers grew by 41 percent or N103 billion to N354.9 billion from N251.7 billion recorded for the group in June 2017.
Wema Bank is one of Nigeria’s mid-tier lenders with share price trading on Monday 0.07 percent down at 63 kobo per share.