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Wema Bank grows post-tax profit 32.46% to N4.41bn in 2019

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Despite the rough operating environment, Wema Bank succeeded in increasing post-tax profit by 32.46 per cent to N4.41 billion at the end of 2019 financial year.

The lender also grew revenue by 27.97 per cent to N91.54 billion on the back of interest income which rose 17.62 per cent to N67.79 billion and fee and commission revenue was higher by 22.92 per cent to N8.00 billion.

Wema Bank impressive performance was also aided by earnings from net trading, which improved massively 167.32 per cent to N14.79 billion during this period.

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It cuts down provision for credit losses by -15.76 per cent to N19.78 billion, instead of N23.48 billion it set aside for toxic assets in the same period in the previous year.

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