Wema Bank’s PBT Rises 59% To N4.8b, Pays Dividend

The bank, Wema Bank Plc yesterday released its audited financial results for the full year ended December 31, 2018 which showed that its Profit Before Tax (PBT) Wema Bank’s PBT rose by 59 per cent to N4.8 billion. The bank has recommended dividend payment to its shareholders.

The Wema Bank’s PBT figure was an improvement compared with N3.01 billion recorded in 2017. The bank’s gross earnings also grew year-on-year from N65.27 billion in 2017 to N71.53 billion in 2018 representing 9.6 per cent increase while Profit After Tax (PAT) rose 36.28 per cent to N3.08 billion in 2018 from N2.26 billion in 2017.

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The bank’s interest expenses dropped by eight per cent, causing net Interest income to increase by 36.52 per cent, this was majorly driven by a reduction in deposits held for other banks.

According to the bank’s financial results, net loans and advances stood at N252 billion, compared to N216 billion in 2017 representing 16.84 per cent year-on-year growth.

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Author: Ashogbon Isaiah