In 2019FY, Wema Bank Plc (WEMABANK) reported double-digit topline growth (32.66% YoY), which we attributed to, inter alia, the relatively low base in the corresponding period in the previous year. Q1:2020 results however reveal a significantly lower growth rate (+4.64% to NGN20.78bn) which suggests the diminished impact of a low base on growth.
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