Wema Bank’s 2020 profit declines by -2.7% to N5.06bn

Gross earnings declined to N80.85bn from N94.89bn

Wema bank has released its unaudited financial result for the year ended 31st December 2020 declaring a profit of N5.06 billion indicating a decline of -2.7 percent.

Here are major highlights from the unaudited result released on the Nigerian Stock Exchange (NSE) website.  

• The gross earnings of the bank declined by -14.8 percent to N80.85 billion in 2019 from N94.89 billion in 2019

• The Profit before tax increased by 3.0 percent to N6.9bn in 2020 from N6.7 billion

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• The profit declined to N5.06 billion from N5.19 billion indicating -2.7 percent decrease year-on-year

• The interest income reduced to N64.73 billion from N70.68 billion when compared to 2019

• The operating income declined to N42.9 billion from N44.06 billion.

• The deposit from customers grew to N812.09bn from N577.28bn year on year.

• Total liabilities and equity of the bank increased to N975.70bn from N704.95bn year-on-year

• Loans and advances to customers grew to N368.74BN in the year ended 2020 from N289.23bn in 2019.