Wema Bank Revenue Record Shortfall of N13.51billion in 2020
- Wema Bank revenue, operating income, profit before tax and profit after tax all declined last year
- The financial institution was heavily affected by the COVID-19 pandemic in 2020 as seen in the reduced earnings
- Wema Bank recorded N13.51 billion shortfall last year despite revenue rhitting N81.38 billion
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The earnings of Wema Bank declined in 2020 full year when compared to the corresponding period of 2019, the company's financial statement for last year has shown.
The lender's revenue was down at N81.38 billion in 2020, failing to surpass the N94.89 billion Wema Bank had generated N94.89 billion during the same period in 2019. This showed a shortfall of N13.51 billion last year.
Interest Income of the financial institutions also declined during the period under review. It failed to surpass the N70.68 billion Wema Bank recorded two years ago, after hitting N64.55 billion in 2020.
Interest Expense followed the same path last year after it ended 2020 with N33.70 billion, against the N44.69 billion the lender had reported as Interest Expense during the corresponding period in 2019.
Operating Income had also declined in full year 2020 as it clocked N42.04 billion as at the end of December 2020, falling short of the N44.06 billion Wema Bank recorded in 2019.
Source: UGC
The decline didn't leave out the lender's profit after tax which was N6.70 billion in 2019, but fell to N5.93 billion during the full year period of 2020 which was between January and December.
Profit after tax also dwindled last year after it ended at N4.57 billion, below the N5.1 billion the company had reported during the corresponding period of 2019.
Meanwhile, Legit.ng previously reported that banks have been told to invest in investment clubs in order to protect Nigerians from ponzi schemes which many have fallen victim to within the country.
The Founder of The Green Investment Club, Tomir Balogun, had made the suggestion to curb the spread of ponzi scheme and increase financial literacy in the country.
Source: Legit.ng
