Jul 29, 2021

Mawazo Writing Africa

Writing about the main

Wema Bank Revenue Record Shortage of N13.51billion in 2020

Wema Bank sales, operating profit, profit before tax and profit after tax decreased in the last year

– The financial institution was badly affected by the COVID-19 pandemic in 2020, which is reflected in the reduced revenue.

– Wema Bank recorded a shortage of N13.51 billion last year despite declining revenues of N81.38 billion

Wema Bank’s profits for 2020 as a whole decreased compared to the corresponding period of 2019. The company’s financial statements for the past year have shown this.

The lender’s revenue decreased to N 81.38 billion in 2020, not exceeding the N 94.89 billion that Wema Bank had generated N 94.89 billion in the same period of 2019 This showed a shortage of N 13.51 billion last year.

The interest income of the financial institutions also decreased in the reporting period. It could not surpass the Wema Bank of N 70.68 billion recorded two years ago after reaching N 64.55 billion in 2020.

Interest expenses followed theirs last year End of the same path in 2020 with N 33.70 billion compared to N 44.69 billion, which the lender had reported as interest expense in the corresponding period of 2019.

The operating result was also down in 2020 as a whole At the end of December 2020, the value was N 42.04 billion and thus below the value of N 44.06 billion recorded by Wema Bank in 2019.

The decline did not let up The lender’s after-tax profit was N 6.70 billion in 2019, but fell to N 5.93 billion for the full year 2020 between January and December.

Profit After-tax value also declined last year after ending at N 4.57 billion, below the N 5.1 billion the company had n had reported in the corresponding period of 2019.

The founder of The Grün The Investment Club, Tomir Balogun, had made the proposal to curb the spread of the Ponzi program and increase financial literacy to improve in the country.