Wema Bank Reports Modest 3Q Earnings
Wema Bank, a regional bank operating from South-West Nigeria, released itsQ3 earnings yesterday, reporting a 15.6% drop in Revenue over the 9 months period ending September 30th.
Gross earnings were down to N 20.3 Billion from N 24 Billion over the similar period last year.
Profit Before Tax spiked by 68% to N1.8 Billion from N 1.08 Billion Q3 2010. However this did not result in a commensurate increase in PAT as Net profit was down 14% to N 1.5 Billion.
Deposits also grew 16% to N 140 Billion from N 120.8 Billion.
The regional bank grew its credit extensions by 47% from N 42.7 Billion in Q3 2010 to N 62.9 Billion as at the end of September 2011.
The bank, likewise other banks, has indeed started lending more money, although the effects on the real sector are yet to have their impact on the economy at large.
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