By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Wema Bank Plc Friday reported a loss of N5.040 billion for its audited report for the period ended December 31, 2012.

From the result of the bank released to the Nigerian Stock Exchange (NSE), loss for the year from continuing operations increased from N4.228 billion in year 2011 end to N5.040 billion in 2013; indicating an increase in loss of 19.2 percent (19.2%) in the review period.

Similarly, loss before tax of the bank increased from N3.770 billion in 2011 to N4.942 billion in the review period of 2012; showing an increase in loss of 31.1%.

This is coming on the heel of the bank’s recent announcement that its capital raising exercise had led to the injection of N40 billon fresh capital into the bank.

Segun Oloketeyi, Managing Director (MD) said at a press conference in Lagos, that the fresh funds were raised through the support of shareholders and other strategic investors via a private placement involving private and institutional investors.