Wema Bank Declares Positive Result
Wema Bank Plc’s unaudited results for the six-month ended June 30th, 2016 have shown that the bank recorded a 10 per cent improvement in profitability on the back of 42 per cent growth in fee income.
Specifically, the bank’s profit after tax also rose by 11.11 per cent to N1.1 billion at the end of the first half of the year. Its profit before tax also advanced to N1.29 billion in the period under review, from N1.17 billion, representing an increase by 10.62 per cent. Similarly, the bank’s gross earnings increased by 16.4 per cent 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 percent in the period under review.
The Segun Oloketuyi the managing Director/Chief Executive Officer while commenting on the results said the 2016 financial year has been an eventful one for the economy. The has been characterized by lot of economic indicators coupled intensified rising inflation, rising energy cost within hash operating environment.