Wema Bank profitability soars by 10 per cent
Wema Bank Plc’s has made an improved outing in its unaudited results for the six-month ended June 30th, 2016 as it posted a 10 per cent surge in its profitability.
Most significantly, its profit after tax increase by 11.11 per cent to N1.1 billion at the end of the first half of the year.
In the same vein Its profit before tax also grew marginally to N1.29 billion within the period from N1.17 billion, thus indicating a growth rate 10.62 per cent while the banks gross earnings equally recorded 16.4 per cent surge year-on-year to N24.3 billion at the end of June, from N20.9 billion in the corresponding period of 2015.
Its total deposit improved by 11 per cent year-on-year from N237.43 billion in the previous period to N277.87 billion as at half year 2016. However, there was a decline of 2.49 per cent in comparison to N284.98 billion recorded in December 2015. But Wema’s operating expense increased by 27 per cent in the period under review.
Commenting on the results, its Managing Director/Chief Executive Officer, Mr. Segun Oloketuyi stated : “The 2016 financial year has been a rather eventful one for the Nigerian economy. The year has been characterised by deceleration on a number of economic indicators coupled with increasing energy costs, intensified by rising inflation, all within a tough operating environment. The banking industry has also not been exempted from these challenges.
In spite of these challenges, Wema Bank has been able to deliver a modest improvement in the first half of the year. Interest income grew by 15.2 per cent from N17.5 billion in first half 2015 to N20.2 billion in the current period, while fee and commission income improved significantly by 42.3 per cent from N2.2 billion in first half 2015 to N3.1 billion in first half 2016.”