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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.
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.
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Niger Insurance Plc posts N311.43 million loss in Q2 2020
Niger Insurance Plc has posted a loss of N311.43 million in Q2 2020, down by -1,173.2% Year-on-Year.
Niger Insurance Plc has posted a loss of N311.43 million in Q2 2020, down by -1,173.2% Year-on-Year, from a profit of N29.02 million recorded in the corresponding period last year.
This is according to a notification sent by the firm to the Nigeria Stock Exchange and seen by Nairametrics.
READ: Fidelity Bank: Regulatory-induced fee cut, surge in OPEX halt profit growth
Some other key highlights of the Niger Insurance Plc Q2 2020 result are;
- Gross premium written declined to N189.41 million, -53.7% Y-o-Y.
- Gross Premium Income declined to N186.0 million,-46.6% Y-o-Y.
- Pre-tax operating profit declined to a loss of N358.19 million, -1,323% Y-o-Y.
- Fee and commission income declined to N3.44 million, -71.3% Y-o-Y.
- Net underwriting income declined to N177.89 million, -42.1% Y-o-Y
- Claims expenses increased to N265.6 million, +429.9% Y-o-Y.
- Total underwriting expenses increased to N266.23 million, +566.6% Y-o-Y.
- Basic Earnings per Share declined to a loss of N4.02.
- Tax paid declined to N15 million, -81.3% Y-o-Y.
READ: Fidson Healthcare Plc records 30.28% increase in 2020 9M revenues
Bottom line
The mass decline in some income-earning components like gross premium, fee and commission income, etc. coupled with a drastic rise in expenditure items, like net claims, total underwriting expenses and others, contributed to the decline in the firm’s profit before and after-tax.
READ: Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020
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Ecobank Transnational Inc. records 11% increase in interest income for Q3 2020
Ecobank Transnational Inc. recorded an 11% increase in its interest income to N139.6 billion for 2020 Q3, from N125.93 billion recorded in 2019 Q3.
Ecobank Transnational Inc. has recorded an 11% increase in its interest income to N139.6 billion for 2020 Q3, from N125.93 billion recorded in 2019 Q3.
This is according to the bank’s latest financials sent to the Nigerian Stock Exchange market today.
READ: Nigeria’s inflation rate jumps to 14.23% in October 2020
Key highlights for Q3 2020:
- Net interest income increased to N93.62 billion, +45% Y-o-Y.
- Fee and commission income increased to N39.01 billion, +1% Y-o-Y.
- Net trading income increased to N46.65 billion, +38% Y-o-Y.
- Operating income increased to N170.85 billion, +20% Y-o-Y.
- Non-interest revenue declined to N77.23 billion, -1% Y-o-Y.
- Loss before Tax declined to N29.64 billion, -182% Y-o-Y.
- Loss After Tax declined to N38.25 billion, -298% Y-o-Y.
- Staff expenses increased to N44.12 billion, +7% Y-o-Y.
- Taxation declined to N8.76 billion, +48% Y-o-Y.
- Between December 2019 and September 2020, Loans and advances to customers decreased to N3.29 trillion, indicating a decline of -2.6%.
- Deposits from customers between December 2019 and September 2020 increased to N6.69 trillion, up by +12.8%.
READ: Abbey Mortgage Bank Plc projects N60.13 million profit in Q1 2021
Bottom line
Despite recording an increase in some of the key income components, these gains were eroded by more than a corresponding increase in expenditure components, leading Ecobank to experience a fall in profit before and after tax.
READ: Sterling Bank Plc records 3.28% decline in 2020 9M gross earnings
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CUTIX Plc posts N1.83 billion revenue in Q2 2020, up by 57.8% Y-o-Y
CUTIX Plc posted growth in key financial metrics such as its revenue, PAT and PBT, amongst others.
CUTIX Plc, a renowned manufacturer and supplier of house wire cables and other electrical appliances, posted an increased revenue of N1.83 billion for Q2 2020 , +57.8%.
This is according to the firm’s recent financials sent to the Nigerian Stock Exchange, and seen by Nairametrics.
Key highlights for the Q2 2020
- Pre-tax profit leapt to N272.6 million, +277.52% Y-o-Y.
- Profit After tax also increased to N177.19 million, +277.5% Y-o-Y.
- Cost of sales increased to N1.35 billion, +57% Y-o-Y.
- Gross profit increased to N479.34 million, +57% Y-o-Y.
- Distribution costs declined to N37.5 million, -7.4% Y-o-Y.
- Administration expenses declined to N143.91 million, -8% Y-o-Y.
- Finance costs declined to N35.1million, -21.2% Y-o-Y.
- Income tax expense increased to N95.4 million, +277.515 Y-o-Y.
- Earnings per share massively gained 233.3% Y-o-Y, to finish at N10
(READ MORE: Export of our products in West African sub-region now less competitive – MAN)
Bottom line
The firm posted growth in key financial metrics such as its revenue, PAT and PBT, amongst others, which indicates that it was able to manage its costs and maximize profit.
