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Wema Bank Plc posts N57.83 billion revenue in 9M 2020

Wema Bank Plc has posted gross earnings of N57.83 billion for the period ended September 30, 2020.

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Wema Bank's 2019 half year financial results, Wema Bank Plc announces notice of board meeting, closed period

Wema Bank Plc has posted gross earnings of N57.83 billion for the period ended September 30, 2020, indicating a decline of -10.8% from the value recorded in the corresponding period of 2019.

This is according to the latest financial report sent by the bank to the Nigerian Stock Exchange market today.

Some key highlights of the report are:

  • Gross earnings declined to N57.83 billion, down by -10.8% Y-o-Y.
  • Pre-tax profit fell to N3.06 billion, indicating a decline of -35.4% Y-o-Y.
  • Profit After Tax fell to N2.64 billion, down by -35.3% Y-o-Y.
  • Interest income also declined to N46.39 billion, down by -5.4% Y-o-Y.
  • Interest expense declined to N26.29 billion, indicating a decline of -17.42% Y-o-Y.
  • Net interest income rose to N20.09 billion, showing an increase of +16.9% Y-o-Y.
  • Operating income declined to N29.66 billion, down by -5.4% Y-o-Y.
  • Earnings Per Share (Basic) declined to N9.2, indicating a decline of -34.8% Y-o-Y.
  • Cash and cash equivalents increased over a nine months period to N76.28 billion, up by + 15.6% Y-o-Y.
  • Deposits from customers also increased over the nine months period to N701.84 billion, up by +21.6% Y-o-Y.

Bottom Line

The decline in gross earnings negatively affected other aspects of the financials and is attributable to a fall in some of its income earning components, largely due to the impact of the COVID-19 pandemic.

For example, a fall in income components like investment securities, loans, and advances to customers affected the interest income, while a fall in earnings from treasury bills and foreign exchange trading negatively impacted net trading income.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
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Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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