Wema Bank, a tier-two Nigerian lender, rose to the highest in a year in intra-day trading in Lagos ahead of a Board meeting to consider its full-year financial result for 2018.
The stock gained 7.23 percent to N0.89 Wednesday, the highest in over nine months since May 2nd 2018 when it traded at N 0.92 per share. This marks a 41.27 percent increase from the beginning of the year.
Wema’s board is set to meet to discuss and approve for public disclosure, the Bank’s financial result for the full year 2018.
According to a statement sent to the Nigerian Stock Exchange on Tuesday. “This is to inform The Nigerian Stock Exchange (The Exchange) and the investing public that a meeting of the Board of Directors of Wema Bank Plc (‘the Company’) has been scheduled for Thursday, 28th February 2019 at 10.00 a.m. at Lagos to consider and approve the Group’s Audited Financial Statements for the year ended 31st December 2018 along with other corporate actions.”
BusinessDay analysis of Wema’s financials for nine months to September 30, 2018 shows that the bank’s profit for the year climbed 72.77 percent to N2.6 billion in 2018 from N1.5 billion in 2017.
Profit before tax also surged between January and September 2018 to N3 billion, representing a 69.78 percent increase over the N1.7 billion achieved in 2017.
Similarly, its net interest income grew by 29.38 percent to N15.8 billion in 2018 from N12.2 billion in 2017, while its interest expense dropped by 8 percent from N25 billion in 2017 to N23 billion in 2018.
Earnings per Share grew 73.5 percent in nine months 2018 to N9.2 per share as against N5.3 in 2017.
The notice further informed the investment community of its closed period for trading in the company’s shares in which directors, board members, employees and insiders are prohibited from dealing with the company’s shares.
The close period as stated in the notice would extend from 12th February till 24 hours after the release of the Audited Financial Statements by the Nigerian Stock Exchange.
Wema Bank Plc offers commercial banking services including trade finance, financial advisory and consulting services and foreign exchange operations. The company was incorporated on May 2nd 1945 while it got listed on the NSE on February 13th 1991.
Gbemi Faminu
