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Wema Bank swings to pretax profit of 563 million naira

18 October 2013, 15:30

Lagos - Wema Bank said it had swung to a pretax profit of 563 million naira in the first nine months of the year, compared with a loss of 1.785 billion naira a year ago, the bank said on Thursday.

The regional lender said gross earning rose to 26.3 billion naira in the nine months to September 30, as against 21.6 billion naira in the same period of last year.

Wema Bank gained 2.4 percent to 1.28 naira per share. It has gained 140 percent since the start of the year.

Wema, which recently completed a 40 billion naira share sale to boost its capital, was one of the lenders forced to recapitalise its operations by the central bank in the wake of a 2009 financial crisis that nearly sank it and eight other banks.

It decided to meet tougher requirements by scaling down its business to become a regional bank in the 2009.

- Reuters

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