• Wema Bank Plc has posted N1.57 billion as profit for the half year ended June 30, 2018.

Nigeria's oldest and mid-tier lender, Wema Bank Plc, has posted N1.57 billion as profit for the half year ended June 30, 2018, on the success of its digital banking platform, ALAT.

The half-year financial statement posted on the Nigerian Stock Exchange (NSE) showed that the profit before tax increased to N1.8 billion as at June 30, 2018, from N1.4 billion in the same period of 2017.

Ademola Adebisi, Acting MD/CEO, while commenting on the financial report, said the performance of the bank in the first half of the year was largely in line with their expectations.

“Deposit grew by 39% to N354.88 billion (FY 2017; N254.5bn) on the back of continued acceptance of the Wema brand and the sustained success of ALAT - our flagship digital bank.

Here are some other highlights from the release:

- Net interest income of N9.09 billion for the period ended June 2018 compared to N8.48 billion reported for the period ended June 2017. This represents a 7% increase for the comparative period in 2017.

- Gross earnings increased by 5.12% from N30.37 billion in half-year 2017 to N31.93 billion half-year 2018.

- Profit before tax increased to N1.8 billion for the 6-month period from N1.4 billion in the same period of 2017.

- The profit was made on an account of a 526% boost in net trading income and N12.5 million (about 2.5%) decline in personnel expenses.

- Deposits from customers grew by 41% N103 billion to N354.9 billion from N251.7 billion recorded for the group in June 2017.

- Net fee and commission income ended at N3 billion compared with N3.9 billion in the half-year of 2017.

Last year, Wema Bank launched Alat, a fully digital bank.

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