Wema Bank earns N2.6 Billion in Nine Months

Wema Bank Plc has disclosed improved bottom-line for the nine months ended September 30, 2018, helped by a significant growth in trading income.

The result that was recently disclosed showed net interest income of N15.349 billion, up from N11.976 billion in the corresponding period of 2017. Net fee and commission income fell slightly from N5.551 billion to N5.421 billion in 2018. However, trading income soared from 166 per cent to N4.276 billion, from N1.603 billion.

This raised the operating income to N25.448 billion, compared with N20.068 billion. But personnel expenses rose from N7.844 billion to N8.564billion, while other expenses jumped from N8.644 billion to N11.864 billion.

Thus, Wema Bank Plc ended the nine months with profit before tax of N3.057 billion, showing an increase of 69 per cent above the N1.799 billion recorded in 2017. Similarly, profit after tax rose 72 per cent to N2.644 billion, compared with N1.529 billion in the corresponding period of 2017. The lender recorded earnings per shares of 9.2 kobo, up from 5.3 kobo in 2017.

Wema Bank Plc recently disclosed its plans to raise up to N20 billion senior unsecured bond in Series 2 of its bond issuance progamme.

According to the bank, the new issuance followed a successful establishment of N50 billion Bond Issuance Programme, which the series 2 of the bond is to be issued for a tenor of 5-7 years and the target market is the institutional investors. It added that the proceeds of the bond are intended to boost its working capital and meets its financing needs. The bank had raised N6.2 billion in its first tranche of the N50 billion debt programme.