Wema Bank Records 54.54% Profit Increase As At Q3 2019

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Wema Bank Plc has released its unaudited financial statements for the period ended September 30, 2019 which clearly show positive figures across most financial indicators. The breakdown is shown below.

Gross Earnings: The financial statements 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.

Profit Before Tax: 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%.

Profit After Tax: 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.

Earnings Per Share: 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 2019.

 Wema Bank Plc was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited).

The bank is Nigeria’s longest surviving indigenous Bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange (NSE).

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