Wema Bank Plc records N4.09bn PAT in Q3 2019 Results

Wema Bank Plc released its Unaudited third-quarter results for the period ended September 30, 2019.

Key Highlights

• Interest Income grew by +8.6% to N17.19bn from N15.83bn in the previous quarter.
• Profit Before Tax grew by 54.8% to N4.73bn.
• Profit After Tax grew by 54.7% to N4.09bn.
• Net Assets also grew by 2.1% to N51.98bn from N50.88bn as of December 31, 2018.

The report showed that Wema Bank generated N64.82 billion in gross earnings as at the period ended September 2019. This represents a 32.33% increase compared to the nine months period of 2018 when the lender recorded 48.98 billion.

As at the end of the third quarter of September 2019, Wema Bank recorded N4.73 billion as profit before tax, up from N3.05 billion recorded as at the end of the third quarter of September 2018. This represents an increase of 55.08%.

The lender recorded a profit of N4.08 billion for the nine-month period of 2019, compared to N2.64 billion recorded at the end of the nine months period for 2018. This represents a 54.54% increase in profit.

The bank recorded N9.2 as earnings per share as at the end of the third quarter 2018 compared to N14.1 as at the end of the third quarter of 2019.

October 25, 2019