Nigeria’s oldest indigenous bank, Wema Bank Plc has released its Q4 2020 Unaudited results for the period ended December 31st, 2020.
From the result, Wema Bank’s gross Earnings declined by -15% to N81bn from N95bn in the previous quarter while its Profit after tax declined by 3% to N5bn.
Key Highlights
- Profit before tax grew by 3% to N7bn.
- Net Assets grew by 5.9% from N55bn to N58bn.
- Interest income dropped to N64.737 billion from N70.682 billion in 2019, net impairment loss on financial assets was reduced to N4.186 billion from N6.131 billion in 2019.
