By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Wema Bank Plc Thursday posted a loss of N853.4 million in its first quarter (Q1) report for the period ended March 31, 2013. 

From the result announcement of the bank to the Nigerian Stock Exchange (NSE) in Lagos Nigeria and made available to InvestAdvocate, profit after Tax (PAT) for the period was N853.411 million compared to N193.596 million recorded in the same period of 2012; indicating a loss of -540.8 percent (-540.8%).

Profit before tax (PBT)  in the review period is N853.411 compared to N241.995 million in the same period of 2012; showing a loss in PBT of  -452.7%.

While gross earnings increase from N6.600 billion in the Q1 of 2012 to N7.961 billion; representing an increase of 20.6% in the review period.

This is coming on the heels of the N5.04 billion loss the bank declared in its year 2012 audited year end.