WEMA Bank Plc, a leading tier-II lender in the Nigerian financial services sector grew its Gross Earnings and Profit After Tax (PAT) in H1’19 by 27.5% (to ₦40.84bn) and 43.2 (₦2.25bn) respectively compared to the corresponding period of 2018.
The increase in the group’s Gross Earnings in H1’19 was jointly driven by a 29.5% increase in Interest Income to ₦32.89 billion, and a 27.5% increase in Non-interest Income to ₦7.94 billion as against ₦25.39 billion and ₦6.64 billion respectively in H1’18.
The improvement in Interest Income came on the back of a 24.3% increase in Interest Income from Loans and Advances to banks and customers (to ₦28.37bn), 66.3% increase in Interest Income from Investments Securities (to ₦3.67bn), and 129.9% increase in Interest Income from interest-bearing Cash & Cash equivalents (to ₦845.17mn) compared to H1’18.
On the other hand, the increase in Non-interest income was jointly driven by a 25% increase in Fee & Commission Income (to ₦3.76bn), 10.7% increase in Net Trading Income (to ₦3.65bn), and a 110% increase in Other Income (t₦3.67bn) relative to that of H1’18.
As a result of the above improvements, the group’s H1’19 Profit Before Tax (PAT) and Profit After Tax (PAT) rose by 43.7% and 43.2% respectively compared to H1’18 position to
settle at ₦2.61billion and ₦2.25 billion, while Earnings Per Share (EPS) climbed by 41.5% to ₦11.60k as against ₦8.20k in the corresponding period of 2018.
GTI Research
