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
- 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.