Wema Bank of Nigeria Rises Most in Month on Return to Profit

Wema Bank Plc (WEMABANK), a Nigerian lender, rose the most in a month after it reported a return to full-year profit in 2010.

The stock gained 6 kobo, or 4.9 percent, its biggest intraday increase since April 5, to 1.29 naira by 11:50 a.m. in Lagos.

Net income for the year through December was 17.46 billion naira ($113.9 million), compared with a loss of 7.53 billion naira a year earlier, the bank said in a statement on the website of the Nigerian Stock Exchange yesterday.

To contact the reporter on this story: Vincent Nwanma in Lagos via Accra at vnwanma@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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