Wema Bank grows half-year profit to N1.83bn
Wema Bank Plc has reported a profit before tax of N1.83bn for the first half of the year.
The bank said in a statement on Wednesday that its profit before tax grew by 27.44 per cent to N1.83bn in the first half of 2018 from N1.43bn in the same period of 2017.
It said its unaudited financial results for the first half of 2018 showed a 5.12 per cent growth in gross earnings, which was driven by 0.12 per cent and 30.45 per cent growth in interest and non-interest income, respectively.
The Acting Managing Director/Chief Executive Officer, Wema Bank, Ademola Adebise, while commenting on the results, said the performance of the bank in the first half of the year was largely in line with the expectations of the management.
He stated that deposit grew by 39 per cent to N354.88bn on the back of continued acceptance of the Wema Bank brand and the sustained success of its flagship digital bank, ALAT.
Adebise said, “We also improved our earnings capacity; gross earnings increased by 5.12 per cent from N30.37bn in the first half of 2017 to N31.93bn in the first half of 2018, while profit before tax closed 27.44 per cent higher at N1.83bn.
“The bank continues to execute its five-year retail strategy with a clear mandate to improve performance by leveraging innovation. The emphasis for us is not just to digitise our product offerings to customers but also to build a technology driven back-end infrastructure to further improve on turnaround time and efficiency.
“The bank also continues to improve its customer acquisition through the launch of ALAT and the impressive performance of its unstructured supplementary service data platform (*945#).”