Wema Bank Q2 Profits Slide 33% on Higher Expenses

Wema Bank Nigeria, a tier-2 lender reported second quarter(Q2) results today with a 33 percent slide in after-tax profits to N1.49 billion in June 2020, from N2.24 billion in the 2019 period.

Operating income rose marginally by 1.6 percent to N19.32 billion for the period, but the bottom-line was hit by a surge in personnel and other operating expenses.

The bank booked higher trading and investment securities income in the period, compared to a year ago.