Wema Bank Reports 2.7% Drop in Profit After Tax to ₦5.1Bn in 2020

By
Esan Bolaji
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Wema Bank Receives Shareholder Approval To Raise N40 Billion
Wema Bank Receives Shareholder Approval To Raise N40 Billion

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.

ALAT by Wema Bank Mobile Banking App brand spur

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.

List of Wema Bank Sort Codes in Nigeria