Carter Bankshares, Inc. Announces First Quarter 2021 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / April 29, 2021 / Carter Bankshares, Inc. (the Company ) (NASDAQ:CARE) today announced net income of $9.4 million, or $0.36 diluted earnings per share, for the first quarter of 2021 compared to net income of $2.9 million, or $0.11 diluted earnings per share, in the fourth quarter of 2020 and net income of $4.4 million, or $0.17 diluted earnings per share, for the first quarter of 2020. Pre-tax pre-provision earnings
1 were $11.9 million, $7.9 million and $9.5 million for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
First Quarter 2021 Financial Highlights
Net interest income increased $0.4 million, or 1.4%, to $26.5 million as compared to the fourth quarter of 2020 primarily due to an 11 basis point decrease in funding costs;
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wema Bank grows total assets to N1trn in 2020
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Wema Bank Plc has recorded a total assets of N1 trillion for the financial year ended December 2020. Meanwhile the bank has proposed dividend payment of 4 kobo per share, making it the third consecutive year of paying dividend.
The Chief Finance Officer of the bank, Tunde Mabawonku who gave updates on the results, said the bank weathered the disruptions of the 2020 financial year through a sharp focus on safe lending, keeping non performing loans low and driving transaction income.He explained further that the bank remains resilient and has continued to grow its business in an efficient manner as we persist in adapting our strategy to yield strong financial results despite the adverse economic situation.
E-payment transactions rise by 325% to N704trn in 2020
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By Elizabeth Adegbesan
ECONOMY
The value of electronic payment transactions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019, just as the volume of e-payment transactions rose YoY by 142 percent to 7.16 billion in 2020 from 2.96 billion in 2019.
This development appears to have been spurred by COVID-19 environment which compelled less physical interaction in business and other relationships in 2020.
Data just released by the National Bureau of Statistics (NBS) titled, ‘‘Selected Banking Sector Report’’, further showed that value of Non Performing Loans (NPLs) ticked up by 16 percent to N1.23 trillion in 2020 from N1.05 trillion in 2019.
The value of electronic payment (e-payment) transtions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019.
Similarly, the volume of e-payment transactions rose YoY by 142 per cent to 7.16 billion in 2020 from 2.96 billion in 2019.
Vanguard analysis of data from the National Bureau of Statistics (NBS) Selected Banking Sector Report further showed that value of Non Performing Loans (NPLs) ticked up by 16 per cent to N1.23 trillion in 2020 from N1.05 trillion in 2019.
Similarly, banks’ credit to the private sector recorded growth during the period.
Analysis showed that banks’ credit to the private sector grew by 121 per cent to N77.53 trillion in 2020 from N64.11 trillion in 2019.
E-payment transactions rise by 325% to N704 trn in 2020
On
By Elizabeth Adegbesan
The value of electronic payment (e-payment) transtions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019.
Similarly, the volume of e-payment transactions rose YoY by 142 per cent to 7.16 billion in 2020 from 2.96 billion in 2019.
Vanguard analysis of data from the National Bureau of Statistics (NBS) Selected Banking Sector Report further showed that value of Non Performing Loans (NPLs) ticked up by 16 per cent to N1.23 trillion in 2020 from N1.05 trillion in 2019.
Similarly, banks’ credit to the private sector recorded growth during the period.
Analysis showed that banks’ credit to the private sector grew by 121 per cent to N77.53 trillion in 2020 from N64.11 trillion in 2019.