Adebayo Obajemu

Wema Bank Plc on Thursday published its Unaudited Financial Statements for the period ended 31 December 2020.

The Group reported N80.85 billion as Gross Earnings, down by 14.79% from N94.89 billion reported in 2019.

Profit before tax for the 12 months period increased by 3.01% to N6.96 billion from N6.76 billion reported in 2019.

Income tax expense increased by 21.91% to N1.9 billion as against the tax expense of N1.56 billion the previous year. This brings the profit after tax of the Group to N5.06 billion, down by 2.66% from N5.2 billion achieved the previous year.

Earnings per share of Wema Bank for the period under review stands at 13 kobo, down by 2.66% from the EPS of 14 kobo reported in 2019.

At the share price of N0.7, the P.E ratio of Wema Bank stands at 5.33x with earnings yield of 18.75