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Wema Bank Plc Profit Dips by 2.65%

Wema Bank Nigeria Plc has witnessed a drop in its earnings for the full-year ended December 2020.

This is according to the unaudited group accounts forwarded by the firm to the Nigerian Stock Exchange.

The bank recorded a 14.79 per cent reduction in its gross earnings of N80.85bn for the 2020 financial period from N94.89bn in the corresponding period of 2019.

It also recorded N31.03bn as net interest income in 2020 as against N25.98bn recorded in 2019, representing an increase of 19.44 per cent.

Wema Bank’s operating income however dipped by 2.48 per cent from N42.96bn in 2020, compared to N44.06bn recorded in 2019.

The firm’s profit before tax rose to N6.96bn in 2020, from N6.76bn at the end of the 2019 financial year.

Its profit after tax dropped by 2.65 per cent to N5.06bn from N5.19bn recorded in 2019. This is coming due to the increase in income tax expense experienced between the two periods.


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