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Wema Bank records 54.54% profit increase as at Q3 2019   

Wema Bank Plc has released its consolidated financial statements for the period ended September 31st, 2019.

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Wema Bank records 54.54% profit increase as at Q3 2019, Wema Bank clears the air on alleged contempt suit

Wema Bank Plc has released its unaudited financial statements for the period ended September 30, 2019 which clearly show positive figures across most financial indicators. The breakdown is shown below.

Gross Earnings: The financial statements showed that Wema Bank generated N64.82 billion in gross earnings as at the period ended September 2019. This represents a 32.33% increase compared to the nine months period of 2018 when the lender recorded 48.98 billion.

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[READ MORE: Q3 2019: UBA grows net profit by 32.3%, as gross earnings hit N428.22 billion]

Wema Bank records 54.54% profit increase as at Q3 2019   

Profit Before Tax: As at the end of the third quarter of September 2019, Wema Bank recorded N4.73 billion as profit before tax, up from N3.05 billion recorded as at the end of the third quarter of September 2018. This represents an increase of 55.08%.

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Profit After Tax: The lender recorded a profit of N4.08 billion for the nine-month period of 2019, compared to N2.64 billion recorded at the end of the nine months period for 2018. This represents a 54.54% increase in profit.

Earnings Per Share: The bank recorded N9.2 as earnings per share as at the end of the third quarter 2018 compared to N14.1 as at the end of the third quarter 2019.

[READ ALSO: Zenith Bank grows profit by 4.5% as at September 2019]

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About Wema Bank: Wema Bank Plc was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited).

The bank is Nigeria’s longest surviving indigenous Bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange (NSE).

Download the full report here.

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Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Economy & Politics

Just in: Buhari suspends EFCC boss, Ibrahim Magu from office

The suspension follows the investigation of allegations of gross misconduct against him on Monday.

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EFCC to help AMCON recover bad debts

President Muhammadu Buhari has approved the suspension of the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, from office. The suspension follows the investigation of allegations of gross misconduct against him on Monday.

According to available information, Magu was suspended to allow for probe into allegations against him.

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The EFCC boss appeared before a presidential probe panel headed by retired Justice Ayo Salami, who is investigating the allegations against him.

Details later…

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Economy & Politics

Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account

Gbajabiamila mandated the House to conduct a thorough investigation on activities of the dividends account.

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Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account

The House of Representatives has concluded plans to investigate the alleged illegal withdrawal of $1.05 billion from Nigeria Liquefied Natural Gas (NLNG) account by the Nigeria National Petroleum Corporation (NNPC) without its knowledge and appropriation.

The decision by the lower chamber is on the heels of a unanimous adoption of a motion by the Minority Leader of the House, Ndudi Elumelu, during plenary session on Tuesday, July 7, 2020.

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Going down memory lane, Elumelu recalled that the NLNG was incorporated as a limited liability company in 1989 with the aim of producing liquefied natural gas and natural gas liquids for export purposes which began in 1999.

He pointed out that the NLNG is jointly owned by the Federal Government, represented by the NNPC with a shareholding of 49% and Shell Gas with 25.6%, Total LNG Nigeria Ltd with 15% and ENI International with 10.4%.

READ MORE: Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

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The Minority leader said, “The dividends from the NLNG are supposed to be paid into the Consolidated Revenue Funds Account of the Federal Government and to be shared among the three tiers of government.’’

Going further in his motion, Elumelu said, “The NNPC who represents the government of Nigeria on the board of the NLNG had unilaterally without the required consultations with states and the mandatory appropriation from the National Assembly illegally tampered with the funds at the NLNG dividends account to the tune of 1.05 billion dollars thereby violating the nation’s appropriation law.

“There was no transparency in this extra-budgetary spending as only the Group Managing Director and the corporation’s Chief Financial Officer had the knowledge of how the 1.05 billion dollars was spent.’’

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‘’There are no records showing the audit and recovery of accrued funds from the NLNG by the Office of the Auditor General of the Federation. Hence the need for a thorough investigation of the activities on the NLNG dividends account.

In his ruling, the Speaker of the House, Femi Gbajabiamila, mandated the House Committee on Public Account to conduct a thorough investigation on activities that had taken place on the dividends account.

Gbajabiamila mandated the committee to invite the management of the NNPC as well as that of the NLNG in the process and report back to the house in four weeks.

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Coronavirus

COVID-19: We may recommend lockdown to ensure Nigeria’s safety – PTF

PTF on COVID-19 on Monday, Mustapha warned that the deadly virus is still spreading at an alarming rate.

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COVID-19: Reactions trail FG travel ban on 13 countries

The Secretary to the Federal Government and Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed yesterday that the PTF will not shy away from the possibility of another lockdown, adding that the PTF will recommend it to the President who will make the final decisions.

While speaking during the national daily briefing by the Presidential Task Force (PTF) on COVID-19 on Monday, Mustapha warned that the deadly virus is still spreading at an alarming rate.

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“Therefore, we cannot afford to slow down and we must never compromise. Let us continue to learn from the history of pandemics by avoiding the mistakes of 1918.

“What happened in 1918 was very simple. During the Spanish Flu, it lasted for 2 years and in three waves, and during that period of time, 500 million people were infected, out of which they recorded fatalities of about 50 million persons. But the dangerous phase of the flu was the second phase,” Boss Mustapha said.

He added that the Spanish Flu lasted for 2 years of 1918 came in 3 waves, but the phase the most casualties were recorded was in the second phase. Adding that the impatience of people forced governments to lift lockdowns, and by the time the second wave arrived, millions died.

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READ MORE: FG may lift ban on interstate movement on June 21

He acknowledged that the possibility of lockdown would not be popular with Nigerians, however, “but what will happen in the preceding weeks will determine”, citing rising cases in the United States after the holiday weekend and a the newly imposed lockdown in Madagascar despite developing its “herbal cure”.

“I believe as the days and weeks ahead will present, we will not speculate what will happen in the future but we will do everything within our mandate to ensure the safety and protection of the people of Nigeria. If that will recommend a prescription of a lockdown, this task force will not shy away from its responsibilities.”

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He added that the recommendations of lockdown would be passed to President Buhari who will decide in the next 2 weeks.

“The PTF urged Nigerians to be vigilant, citing global developments in coronavirus in the past week from China to the United States.

“We urge that vigilance and care should be exhibited by all Nigerians irrespective of status. This virus does not discriminate and the PTF shall keep sustaining its sensitization messaging,” Mustapha stated.

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