Wema Bank Q1’16 Profit Drops 17.9% to N429.5 Million

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s mid-tier lender, Wema Bank Plc on Wednesday said its profit after tax (PAT) for the period ended March 31, 2016 declined -17.9 percent to N429.53 million from N522.99 million declared a year ago.

Similarly, profit before tax (PBT) depreciated -17.9 percent to N505.32 million from N615.28 million posted the same period of 2015.

However, interest income grew from N8.92 billion in the Q1 of 2015 to N9.65 billion in the review period of 2016; showing a growth of 8.2 percent, the mid-tier lender said in a filing with the Nigerian Stock Exchange (NSE).

Shares of Wema Bank at the close of Wednesda’s session on the Nigerian bourse increased 4.17 percent to 0.75 kobo from 0.72 kobo traded the previous session; gaining 0.03 kobo per share.

Click here to view Wema Bank Plc Unaudited IFRS Results for the quarter ended 31 March 2016

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