Wema Bank posts profit of N1.569bn in 6 months

Wema Bank Plc has recorded a profit of N1.569 billion for the half year financial result ended June 30, 2018.
The amount represents an increase of 28.82 per cent or N351 million compared with N1.218 billion reported in the preceding year.
The profit before tax also grew to N1.814 billion from N1.433 billion recorded in the corresponding period of last year.
The Bank result submitted at the Nigerian Stock Exchange showed that interest income dropped from N25.453 billion at the end of June 2017 to N25.395 billion during the period under review.
The interest expenses declined to N16.306 billion from N16.982 billion in the comparative period of 2017 while net interest income surged from N8.480 billion to N9.089 billion while operating income moved up to N15.383 billion from N13.398 billion made in the same period of 2017.
Analysis of the bank six months financial result showed that net income after impairment charge for credit loses at N8.745 billion against N8.391 billion in the previous year.
Net fee and commission income which stood at N3.890 billion at the end of first six months of 2017 dropped to N3.003 billion at the end of June this year while net trading income increased from N527.064 million to N3.298 billion in 2018 half year period.