Posted on October 22, 2018
Nigeria’s Wema Bank which calls itself the country’s oldest indigenous bank may end the year on a high as it has already surpassed its full year 2017 profit in nine months. The Bank which recently appointed a new managing director has in recent years pulled its weight in retail and digital banking, launching Nigeria’s first fully digital bank in 2017.
In its results for the period ended September 30, the Bank recorded a profit after tax of N2.6 billion ($7.2 million), a 72.9 percent increase over the profit recorded during the same period in 2017 and a 17.2 percent increase over the Bank’s 2017 full year profit.
Net interest income after impairment charge for credit losses grew 29.4 percent to N15.3 billion. Fee income, however, dropped 2.4 percent to N5.4 billion.
The Bank also grew customer deposit 44.4 percent to 362.3 billion helped by its digital bank ALAT which encourages people to save and offers 10 percent interest on savings.
Wema Bank which last paid dividends to its customers in more than a decade is expected to declare dividend this year as its performance improves. The bank’s shares traded at N0.60 on Friday before the bank released its latest results.