Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Wema Bank

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Tuesday, October 20, 2020 / 04:40 AM / by Proshare Research / Header Image Credit: EcoGraphics



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Wema Bank

 

Wema Bank's topline and bottom line were both adversely hit by the COVID-19 pandemic. Its profit before tax declined significantly by -33.75% while its gross earnings declined slightly by -6.59% in H1 2020. To further add to its woes its non-performing loans rose to 5.6% in H1 2020 from 3.55% In H1 2019.

 

Illustration 25: Wema Bank Strategic Thrust (2018-2020); Driving Growth Through Digital Capabilities

 

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Profitability

 

The Group's profit before tax declined by -33.75% Y-0-Y from N2.6bn recorded in H1 2019 to N1.73bn recorded in H1 2020, the decline in profit before tax was majorly driven by a +3.39% Y-o-Y increase recorded in operating expense.


 

Profit before tax also declined by -47.09% Q-o-Q, from N1.13bn recorded in Q1 2020 to N597mn recorded in Q2 2020, majorly driven by a -7.34% decline in operating income and the harsh macroeconomic environment of the domestic economy (see Chart 65).

 

 

Chart 65: Wema Bank's Profit Before Tax H1 2015 - H1 2020 (N'bn)

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Source: Wema Bank's Financial Statement, Proshare Research


 

Gross earnings for the Group declined by -6.59% to N38.15bn from N40.84bn recorded in the corresponding period of the previous year, this was due to a -9.23% decline in interest income. Major drivers of the decline in interest income include loans and advances and investment securities which declined by -9.59% and -20.98% Y-o-Y respectively.

 

The group also record a -16.41% Q-o-Q decline in gross earnings; this was due to a -23.26% Q-o-Q decline in interest income (see Chart 66).

 

 

Chart 66: Wema Bank's Gross Earnings 2015 - 2020 (N'bn)

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Source: Wema Bank's Financial Statement, Proshare Research


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Asset Quality

 

Total assets of Wema bank increased significantly by +30.5% Y-o-Y from N632.5bn recorded in the corresponding period of the previous year to N825.2bn recorded in H1 2020. Major drivers responsible for the growth of the total assets are cash and cash equivalents, restricted deposit and loans and advances to customers all recorded significant increase of +102.94%, +167.32%, and +20.14% respectively (see Chart 67).

 

Chart 67: Wema Bank's Total Assets H1 2015 - H1 2020 (N'bn)

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Source: Wema Bank's Financial Statement, Proshare Research

 

The non-performing loans ratio increased to 5.6% in H1 2020 from 3.55% recorded in H1 2019, this is the highest NPL ratio recorded by the Group during the period under review. The Group's loan portfolio analysis has the oil and gas sector accounts for the highest amount of borrowings of N69.47bn while the NPL portfolio analysis has the general commerce sector as the highest percentage of non-performing loans of 43.17%. The general commerce sector covers loans to commercial businesses that deal with general goods which have been heavily impacted by the COVID-19 pandemic, this explains the growth of the NPL ratio in H1 2020 and the decline in asset quality of the Group (see Chart 68).

 

 

Chart 68: Wema Bank's NPL Ratio H1 2015 - H1 2020 (%)

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Source: Wema Bank's Financial Statement, Proshare Research

 

Wema bank's impairment losses on financial assets declined by -6.96% Y-o-Y, from N823.6m recorded in the previous period to N766.3m recorded in H1 2020. Also, impairment charges recorded a significant decline in Q2 2020 of -64.71%, from N566.4m recorded in Q1 2020 to N199.9m recorded in Q2 2020 (see Chart 69).

 

Chart 69: Wema Bank's Impairment Charges 2015 - 2020 (N'm)

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Source: Wema Bank's Financial Statement, Proshare Research


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Cost

The cost-to-income ratio increased to 91.1% in H1 2020 from 86.03% recorded in H1 2019, this was driven by a +3.39% growth in operating expense in H1 2020. The increase in cost is driven by statutory expenses, NDIC premium, and AMCON levy all of which increased by +106%, +20%, and +14.4% respectively. Wema Bank's highest cost-to-income ratio of 91.1% within the review period was recorded in H1 2020 while its lowest cost-to-income ratio of 86.03% was recorded in H1 2019 (see Chart 70).

 

Chart 70: Wema Bank's Cost-to-Income Ratio H1 2015 - H1 2020 (%)

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Source: Wema Bank's Financial Statement, Proshare Research


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Capital and Liquidity

 

Wema Bank's capital adequacy ratio declined to 11% in H1 2020 from 14.59% recorded in H1 2019, which was also the lowest capital adequacy ratio recorded by the Group. It recorded the highest capital adequacy ratio of 18.9% in H1 2015 within the review period (see Chart 71).

 

Chart 71: Wema Bank's Capital Adequacy Ratio H1 2015 - H1 2020 (%)

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Source: Wema Bank's Financial Statement, Proshare Research

 

The liquidity ratio declined to 22.07% in H1 2020 from 34.81% recorded in H1 2019 which is below the regulatory minimum of 30%. Its lowest liquidity ratio of 22.07% was recorded in H1 2020 while the highest liquidity ratio of 34.81% was recorded in H1 2019 (see Chart 72).

 

Chart 72: Wema Bank's Liquidity Ratio H1 2015 - H1 2020 (%)

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Source: Wema Bank's Financial Statement, Proshare Research

 

There has been a steady growth in the shareholder's fund of the Group, shareholders fund grew by +5.91% Y-o-Y, from N52bn recorded in H1 2019 to N55bn recorded in H1 2020. This was majorly driven by a +131.9% growth recorded in the regulatory risk reserve of the Group in H1 2020 (see Chart 73).

 

Chart 73: Wema Bank's Shareholders Fund H1 2015 - H1 2020 (N'bn)

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Source: Wema Bank's Financial Statement, Proshare Research


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Investor Ratios

 

Return on equity declined to 6.25% in H1 2020 from 10.57% recorded in H1 2019. The highest return on average equity of 10.57% was recorded in H1 2019 while the lowest return on average equity of 4.51% was recorded in H1 2015 (see Chart 74).

 

Chart 74: Wema Bank's Return on Average Equity H1 2015 - H1 2020 (%)

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Source: Wema Bank's Financial Statement, Proshare Research

 

Return on assets declined to 0.42% in H1 2020 from 0.99% recorded in H1 2019. The highest return on assets of 0.99% was recorded in H1 2019 while the lowest return on assets of 0.46% was recorded in H1 2020 (see Chart 75).

 

 

Chart 75: Wema Bank's Return on Average Asset H1 2015 - H1 2020 (%)

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Source: Wema Bank's Financial Statement, Proshare Research



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Downloadable Versions of Banks in H1 2020: Imagining Beyond COVID-19 Report (PDF)

1.     Executive Summary: Banks in H1 2020: Imagining Beyond COVID-19 - Oct 11, 2020

2.    Full Report: Banks in H1 2020: Imagining Beyond COVID-19 - Oct 11, 2020

 

 

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123.        CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards - Aug 05, 2016

124.        CBN Reviews Operational Guidelines for Blacklisting - Jul 13, 2016

125.        CBN Publishes Exposure Draft Guidelines on Regulations & Supervision of Non-Interest MFBs in Nigeria - May 12, 2016

126.        CBN Publishes Approved Guidelines on Transactions Switching in Nigeria -May 09, 2016

127.         CBN pledges more interventions to create jobs, wealth - Apr 19, 2016

128.        CBN Publishes Exposure Draft on Guide to Charges for Banks & OFIs in Nigeria - Mar 14, 2016

129.        CBN Publishes Reports of Activities under the Agricultural Credit Guarantee Scheme - Mar 10, 2016

130.        CBN Publishes Revised Guidelines on Real Sector Support Facility - Mar 10, 2016

131.         CBN Releases National Financial Literacy Framework Report - Mar 07, 2016

132.        CBN Publishes Guidelines for the Operations of TSA by State Governments in Nigeria - Feb 09, 2016

133.        CBN Extends BVN Enrolment for Nigerian Banks' Customers in Diaspora to 30th June, 2016 - Feb 05, 2016

134.        CBN Publishes Guidelines for Banking Operations in the Free Trade Zones in Nigeria - Feb 02, 2016

135.        CBN Invites Financial Institutions to Make Payment of Annual Licence Renewal Fee through e-Channels - Jan 04, 2016

136.        CBN Releases Revised Guidelines for Bureaux De Change in Nigeria -Dec 11, 2015

137.         CBN Issues Guidelines on International Mobile Money Remittance Service in Nigeria - Nov 20, 2015

138.        CBN Directs PMBs and DFIs to Comply with FG's Directives on TSA - Nov 19, 2015

139.        CBN Extends BVN Enrolment to 31st January 2016 for Nigerian Bank Customers in Diaspora - Nov 03, 2015

140.        CBN Orders BDCs to Honour Letter of Credit Established Prior to Jun 23rd for 41 Items Ban for FOREX - Oct 23, 2015

141.         CBN Publishes Guidelines for Approved Persons' Regime for Financial Institutions - Oct 22, 2015

142.        CBN Issues Guidelines on the Management of Dormant Accounts & Other Unclaimed Funds by Banks & OFIs - Oct 09, 2015

143.        CBN Releases Exposure Draft on Consumer Protection Framework - Sep 18, 2015

144.        CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form - Sep 15, 2015

145.        CBN Releases Exposure Draft on Standards and Guidelines on Electronic Channels Operations in Nigeria - Sep 15, 2015

146.        CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria - Sep 15, 2015

147.         CBN Directs Development Finance Institutions to Obtain Licence - Sep 08, 2015

148.        CBN Directs Banks to Remit FG's Funds into the Treasury Single Account - Sep 08, 2015

149.        CBN Finalises Guidelines for the Enrolment of Nigerian Bank's Customer in Diaspora - Aug 19, 2015

150.        CBN Directs All Licensed BDCs to Consummate Transactions with Customers' BVN Effective 1st August - Jul 21, 2015

151.         CBN Warns Authorized Dealers Against Funding Items Classified as "Not Valid for Forex" - Jul 01, 2015

152.        CBN Extends BVN Enrollment Deadline to 31st October, 2015 - Jun 30, 2015

153.        CBN Directs DMBs to Establish Industry Fraud Desks - Jun 12, 2015

154.        CBN to Review the Nigerian Cheque Standards - May 04, 2015

155.         CBN Moves to Check Rising Non-performing Loans in Banks - Apr 24, 2015

156.        CBN Clarifies Circular on Usage of Naira Denominated Cards Overseas - Apr 24, 2015

157.         CBN Stops Rendition of Returns on Defunct Micro Credit Fund - Apr 17, 2015

158.        CBN Limits Naira Card Usage on Overseas Transactions to $50,000 - Apr 14, 2015

159.        CBN Rolls Out Stiff sanctions to Dissuade Issuance of Dud Cheques - Apr 09, 2015

160.        CBN Warns Against the Use of Foreign Currency as Medium Of Exchange in Nigeria - Apr 07, 2015

161.         CBN lays Guidelines on Mobile Money Services in Nigeria - Apr 02, 2015

162.        CBN Sets Regulatory Framework for Licensing Super Agents - Apr 02, 2015

163.        CBN Releases Regulatory Framework for Mobile Money Services - Apr 02, 2015

164.        CBN Publishes Regulatory and Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015

165.        CBN Sets Guidelines for N300 Billion Real Sector Support Facility - Mar 04, 2015

166.        CBN Directs Banks to Commence FG's Treasury Single Account Scheme - Feb 26, 2015

167.         CBN Restricts Use of Unfettered Access in Exchange Manual - Feb 23, 2015

168.        CBN Sets Guidelines for Advisory Council on Non-Interest Financial Institutions - Feb 20, 2015

169.        CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015

170.        CBN Releases Exposure Draft for Dormant Accounts Management by Banks - Feb 18, 2015

171.         CBN Sets Time Bar for Resolution of Customers Complaints - Feb 18, 2015

172.         CBN Issues Framework for the Implementation of Electronic Payments Incentive - Feb 13, 2015

173.         CBN Sets Guidelines for Banking Operations in Free Trade Zones in Nigeria - Feb 11, 2015

174.         CBN Offers Special Intervention to BDC Operators - Feb 03, 2015

175.         CBN Inaugurates Financial Inclusion Steering Committee - Feb 03, 2015

176.         CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV Environments- Jan 30, 2015

177.         CBN Directs Banks to Compute Net Open Position on Daily Basis - Jan 30, 2015

178.        CBN Reviews Weekly Cash Sales to BDCs to $30,000 - Jan 23, 2015

179.         CBN Reviews Foreign Currency Trading Position of Banks to 0.1% of SHF - Jan 13, 2015

180.        CBN Signs MoU with Deposit Money Banks to Boost Power Supply - Dec 23, 2014

181.         CBN Directs Banks to Commence Issuance of Centenary N100 Banknote - Dec 22, 2014

182.        CBN Reduces Foreign Exchange Trading Position of Authorized Dealers to Zero Percent - Dec 18, 2014

183.        CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market - Dec 18, 2014

184.        CBN Releases Circular on Sales of Foreign Exchange without Adequate Documentation - Nov 21, 2014

185.        CBN Releases Circular to All DMs and Merchant Banks on the Implementation of Swift SSS - Nov 20, 2014

186.        CBN Kicks-off the Development of Consumer Protection Framework for Financial Institutions - Oct 22, 2014

187.        CBN Sets BVN Compliance Deadline for DMBs and Bank Customers - Oct 22, 2014

188.        CBN Increases Outbound International Money Transfer Limit - Oct 14, 2014

189.        CBN Releases Collateral Registry Regulation - Sep 30, 2014

190.        CBN Rolls Out Electronic Payments Incentive and Awareness Campaign - Sep 19, 2014

191.         CBN Releases Circular on the Acceleration of Bank Verification Number - Sep 19, 2014

192.        CBN Releases Guidelines for Financial Holding Company (HoldCo) - Aug 29, 2014

193.        CBN Develops Authorized Signatories Verification Portal for the Banking Industry - Aug 21, 2014

194.        CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014

195.        CBN to launch Outbound Money Transfer Service with Western Union Money Transfer - Aug 14, 2014

196.        CBN Reviews Electronic Payment Operations via NIBSS Instant Payment System - Aug 14, 2014

197.         CBN Re-introduces ATM Cash Withdrawal Transactions Fee; Effective September 1, 2014 - Aug 14, 2014

198.        CBN Excludes Non-Distributable Regulatory Reserve in the Computation of Capital of Banks - Aug 07, 2014

199.        CBN Issues Draft Regulatory and Supervision Guidelines for Development Finance Institutions - Aug 05, 2014

200.       CBN Releases Exposure Draft for Recommendation of Time Bar on Consumer Complaints - Jul 25, 2014

201.        CBN Extends Timeline for the Resolution of Complaints on Excess Charges and Loans to 30 Days - Jul 03, 2014

202.       CBN Prohibits Loan Defaulters from Further Access to Credit Facilities in the Banking System - Jul 02, 2014

203.       CBN rolls out Cash-Less Policy on July 1, 2014, postpones withdrawal charges in 30 States - Jun 24, 2015

204.       CBN Orders Banks to Refund Monies to Customers Shortchanged By ATMs - Jun 16, 2014

205.       CBN Orders Banks to Refund Excess Commission on Turnover - Jun 13, 2014

206.       CBN Maintains Highest Level in Information Security Standard (ISO27001) Compliance - Jun 12, 2014

207.       CBN Extends Cashless Policy to 30 Remaining States; Kicks Off July 1st - Jun 05, 2014

 

Proshare Nigeria Pvt. Ltd.


Proshare's Memo to The Market and Market Updates

1.      NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution - Oct 05, 2020

2.     NSE Ten Years After a Takeover: The Good, The Bad and Undecided - Sep 16, 2020

3.     Online Trading Ranking Report 2020 - Trading in a Period of a Virus; Building Good Habits - Sep 02, 2020

4.     Otudeko: A Boardroom Revolutionary at 77 - Aug 18, 2020

5.     Roads: Concrete Vision, Asphalt Competition, Looking Ahead - Aug 01, 2020

6.     CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions - Jul 30, 2020

7.     Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt - Jul 23, 2020

8.     Coronanomics (1) - Understanding the Realities of an Impending Recession - Jun 06, 2020

9.     Nigeria Cement Market's New Chess Play; Understanding The Market Dynamics - Jan 31, 2020

10.  NCM2020 - Fin. MKT in Transition: Understanding Past Uncertainties; Preparing for New Possibilities - Jan 20, 2020

11.   UBA's Staff Layoff; Understanding The Shifting Dynamics Of Banking's Future - Jan 20, 2020

12.  Ogun State: Working Past Economic Headwinds - Nov 04, 2019

13.  Banks' H1 2019 Numbers: Top Line Growth, Bottom Line Uncertainty - Sep 22, 2019

14.  Ecobank Nigeria: The Case For Restructuring, Repositioning and Retooling - Jul 31, 2019

15.  CEO Remuneration: Making Sense Of The Numbers For Listed Companies In Nigeria - Jul 12, 2019

16.  Beyond The Noise: MTN's Post Listing Reactions, Gaps in Rules and Lessons Learnt - May 26, 2019

17.   JUMIAs IPO and Q1 2019 Result; Understanding The Numbers and Ignoring the Noise - May 16, 2019

18.   Ogun State: The Debt Trap- Leaning Against the Wind - April 2019

19.  The National Association of Securities Dealers (NASD) OTC Market Report 2018 - Feb 06, 2019

20. Surviving Uncertain Times in the Nigerian Financial Market - Jan 19, 2019

21.  Unravelling The Ecobank Q3 2018 Results; Applying NAFEX, Different Outcomes Oct 26, 2018

22. Compliance With IFRS IAS21 - ETI and The Effects of Changes in Foreign Exchange Rates - Oct 25, 2018

23. Nigerian Banks' Performance - H1 2018 - Sep 26, 2018

24. Swift Correction Of Honest Mistakes Helps Build Institutional Corporate Governance - Sep 05, 2018

25. Memo To The Market - The NSE, Oscar Onyema Foundation And Corporate Governance - Aug 20, 2018

26. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018

27. Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017

28. Leadership, Change and Corporate Transformation - The Nigerian Experience ... - Proshare Nov 07, 2017  

29. Analysing the H1 2017 Performance of FBNHoldings Plc - A Comprehensive Report - Oct 20, 2017

30. FBNHoldings Plc Q1' 2017 Performance Assessment Report Updated - Sep 25, 2017

31.  Years After - 5 years of Dr. Yemi Kale's Stewardship at the NBS - Aug 24, 2016

32. Memo to the Market: Reappointing Arunma Oteh as DG, SECJan 03, 2015

33. Where Nigeria got it Wrong - Proshare Dec 01, 2014

34. Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare - Sept 06, 2010

35. The Bull in the China Shop - A New Paradigm in the Nigerian Financial Markets? - Aug 21, 2009

36. Making Money in The Nigerian Capital Market Report - Apr 25, 2009

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.



Proshare Nigeria Pvt. Ltd.




Proshare Nigeria Pvt. Ltd.

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