Wema Bank Plc has released its unaudited financial statement for the third quarter ended September 30, 2020.
The results released to the Nigerian Stock Market (NSE), showed that the bank recorded a 35 percent year-on-year drop in its Profit After Tax of N2.64 billion from N4.11billion recorded in the corresponding period of 2019, following the decline in its gross earning, which dipped to N57.6billion from N64.15 in the prior year-2019.
Profit before tax for the period dipped to N3.05bn from N4.75 in 2019 while profit after tax dropped N2.74 from N4.11 in 2019.
Net interest Income was N20.1 billion, up 17% from the N17.2 billion in September, 2019 while non-Interest Income was N11.43 billion, down 28% from N15.79 billion recorded in September, 2019.
Net impairment loss on financial assets rose 15 percent to N1.866bn from N1.624 in 2019, while operating Expenses was N26.6 billion up 0% from Sept 2019 – N26.6 billion
Also, earnings per share (basic) dropped 35per cent to 9.2 kobo from 14.1kobo in the corresponding period of 2019.