Wema Bank Nets N11.3billion in First Quarter 2016

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Wema Bank Plc grew its top-line by  6.1 per cent to N11.3 billion in the first quarter of 2016.

This growth is coming as the commercial bank continued to expand its retail business in spite of the tough operating environment.

Interim report and accounts of Wema Bank Plc for the three-month period ended March 31, 2016 released on Wednesday, April 27, at the Nigerian Stock Exchange, NSE, indicated that gross earnings improved to N11.3 billion in first quarter 2016 as against N10.6 billion recorded in comparable period of 2015. Profit before tax stood at N505.33 million in 2016 as against N615.29 million in 2015.

After taxes, net profit stood at N429.53 million as against N522.99 million. Earnings per share closed first quarter 2016 at 4.0 kobo compared with 5.0 kobo in first quarter 2015.

Managing director, Wema Bank Plc, Mr. Segun Oloketuyi said the bank has continued to grow its business as number of new accounts and card activations have increased by more than 50 per cent while deployment of alternative platforms have also grown by 15 per cent.

He said the bank would remain focused on keeping its cost profile under check while gradually growing the asset portfolio where it sees optimal opportunities.

 

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