Wema Bank Plc (WEMABANK)’s Q2:2020 performance validates our earlier concerns over the bank’s increasing vulnerability. The strong topline growth seen in prior years (2015FY-2019FY CAGR:19.98%) has now given way to a sharp decline (17.19% YoY), from NGN20.98bn in Q2:2019 to NGN17.37bn in Q2:2020. While we acknowledge the role of the pandemic on the bank’s performance, we note with concern, regulatory headwinds which continue to constrain earning ability.
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