Wema Bank PLC has announced plans to re-apply for a national banking license in view of its proposed Tier 1 capital injection of around N35 billion by the end of this year.

According to a statement released by the bank, it stated that its gains in earnings and various cost-containment strategies were largely wiped off by one-off impairment charges on assets culminating in an after-tax loss of N7.6 billion in December last year.

The bank however recorded a 29 per cent rise in gross earnings and 56 per cent increase in operating income for the period ended December 2011.