Nigeria's Wema Bank swings to Q1 profit of 590.7 mln naira

Reuters
A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos, January 13, 2009. REUTERS/Akintunde Akinleye

LAGOS (Reuters) - Nigeria's Wema Bank said on Wednesday said it swung to a pretax profit of 591 million naira ($3.64 million) in the first-quarter from loss of 853 million naira in the same period last year, sending its shares higher. Gross earnings rose to 10.15 billion naira during the three months to March 31, against 7.96 billion naira a year earlier, the regional bank said in a filing with the Nigerian Stock Exchange. Shares in Wema rose 1.0 percent to 1.0 naira at 1028 GMT. ($1 = 162.12 naira)