Wema Bank Plc is one of the commercial lenders that have been badly hit
by the impact of the coronavirus (COVID-19) pandemic. This has become a
lot of worry to shareholders of the bank following its figures at the
end of the first half of the year 2020.
Many did not envisage the
disruption caused globally by the (COVID-19). So, a lot of companies
were caught napping and have had tales of woes to tell. The pandemic
forced Nigerian economy to be shut for five weeks.
Consequently,
the economy has been projected to slip into recession by the third
quarter of this year. And the International Monetary Fund (IMF) has
forecasted the country’s economy will contract by -5.4 per cent in
2020.
Consequently, Wema Bank’s profit after tax (PAT) declined
by 33.53 per cent to N1.49 billion in the first six months of the year,
compared to N2.25 billion it made in H1’19. Its profit before tax (PBT)
also fell 33.75 per cent to N1.73 billion in H1 2020.
The
lender’s revenue contracted 6.57 per cent to N38.15 billion instead of
the N40.84 billion it generated in the prior period, weakened by
interest income which was lower by 9.23 per cent and net fee and
commission income that declined 16.38 per cent during the period under
review, although net non-interest income was higher by 4.5 per cent to
N8.3 billion from N7.94 billion in H1 2019.
1 Comments
This is to inform the general public that individuals can order Dan-gote3xCement directly from the factory at a promo price of 1300 Naira per bag and RICE for 10,000 naira per bag. Transportation and offloading is 300 Naira,minimum for purchase is from 100 bags and above. kindly contact Dangote Group Marketing Manager Alhaji Shehu Abubakar ON O 8 1 3 3 5 4 9 O 5 5 for booking and delivery. Note-Delivery takes two days and it’s nationwide.When Strength matters,Choose 3X.Also order your foreign used heavy equipment(DREDGER,EXCAVATOR,HEAVY DUTY TRUCK AND CONCRETE MIXER ) at the best prices and with a high performance quality.PLEASE TELL OTHERS ABOUT THIS WINDOW OF OPPORTUNITY.
ReplyDelete