WEMA Bank posts 32% rise in profit

Last updated on September 11th, 2021 at 03:04 pm

Wema Bank Plc has reported a 32.5% increase in its after-tax profit for Full Year 2019 compared to the corresponding period of 2018.

The full account of the bank’s financial performance in the review period is published in its Unaudited Financial Statements for the Period Ended 31 December 2019, posted on the website of the Nigerian Stock Exchange (NSE) on Thursday.

Gross Earnings grew from N71.530 billion at FY2018 to the N91.539 billion recorded at FY2019, implying a 30% increase.

The lender’s Profit Before Tax (PBT) advanced by 30.6% from N4.798 billion at FY2018 to N6.266 billion in the same period of 2019.

Profit for the Year went up to N4.406 billion at FY2019 from the N3.326 billion posted at FY2019, translating to a 32% growth.

Earnings Per Share (EPS) climbed up by 32.6%, moving from 8.6k at FY2018 to 11.4k at FY2018.

Established in 1945 as a private limited liability company, it became a quoted company on the NSE in 1990. Its key operations cover retail banking, commercial banking and corporate banking.

At the moment, it has over 38.574 billion outstanding shares with a market capitalisation of about N27.388 billion and a 4.23% dividend yield.

Wema Bank currently trades on floor of the NSE at N0.66.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After-Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.