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Business News of Wednesday, 13 May 2020

Source: www.mynigeria.com

Wema Bank reports 14.5% dip in profit

Wema Bank Wema Bank

Wema Bank Plc has released its unaudited financial statements for the first quarter of 2020. The financial statements demonstrate unimpressive figures especially in its profit before tax. The breakdown of the report is shown below:

Gross Earnings: Wema Bank generated N20.7 billion in gross earnings as at March 2020, compared to N19.8 billion recorded at the end of the first quarter of 2019. This represents an increase of 4.6%.

Profit Before Tax: As at the end of the first quarter of March 2020, the lender recorded N1.1 billion as profit before tax, down from N1.3 billion at the end of Q1 2019. This represents a decrease of 15.1%.

Profit After Tax: The bank recorded a profit of N977.3 million for the first quarter of 2020, compared to N1.1 billion recorded at the end of March 2019, representing a 14.5% decrease in profit after tax.

Earnings Per Share: Wema Bank recorded an Earnings Per Share of N10 for Q1 2020 as against N12 recorded as at the end of March 2019.