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The bank's shares dropped 60% on Friday morning, following a 60% decline the previous day, and SVB sold off $1.75 billion in shares to compensate for dwindling customer deposits.

Vanguard News wema Bank grows total assets to N1trn in 2020 On By Babajide Komolafe 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 tha...

UBA’s profitability rises 27% to N38bn in Q1’21 On By Babajide Komolafe United Bank for Africa (UBA) Plc has recorded a 27 per cent increase in its Profit After Tax (PAT) to N38.16 billion in the first quarter of 2021 (Q1’21) from N30.10 billion in the corresponding period of 2020 (Q1’2020). The Pan African bank group disclosed this in its Unaudited Financial Statement for Q1’21 released to the Nigerian Stock Exchange. The double digit growth in PAT follows 24 per cent increase in Profit Before Tax (PBT) occasioned by 14 per cent growth in Gross Earnings. According to the bank, PBT...