Wema bank Plc releases result.
October 30th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Correction: The title of this post initially suggested Wema Bank made a loss. That is inaccurate. The title has now been corrected and the figures have been changed also to reflect the correction made.
The full year result for Wema Bank plc for the period ended March 31, 2007. In the result released by the company, turnover increased from N14.83 billion in 2006 to N24.43 billion in 2007.
Profit before tax improved significantly, from a loss of N7.20 billion in 2006 to N1.87 billion in 2007. Also, profit after tax crossed over from the negative to the positive side, from a loss of N6.60 billion in 2006 to a profit of N2.54 billion in 2007.
There are high possibilities of the bank entering into a partnership with a foreing partner very soon, and this is expected to boost the earnings of the company further.
The company has been battling with shareholding structure for some time which affected its operations. They have however embarked on re-branding the company, as it is being repositioned for better returns and profitability.
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I have not invested with WEMA, but with my penchant to invest solely with banks, this hurts. Hope they’re able to rebrand and do a comeback.
I believe there are a few errors in the above. Wema Bank’s results did not fall, rather it improved from a loss position to profitability!! Wema Bank’s results for YE 31st March 2007 is reproduced below…
Turnover rose from N14.836b in 2006 to N26.431b in 2007.
Profit/(Loss) before tax rose from (N7.2)b LOSS in 2006 to N1.878b profit in 2007.
Profit after tax rose from (N6.602)b LOSS in 2006 to N2.554b profit in 2007.
So, contrary to the above, Wema’s performance actually improved from 2006 to 2007.