Home General News Sterling Bank Records N5.9 Billion Profit in 9 Months

Sterling Bank Records N5.9 Billion Profit in 9 Months

According to an unaudited report and accounts of Sterling Bank, it recorded a robust top-line and bottom-line growth for the nine months which ended September 30, 2018.

Sterling bank posted 21 percent and 39 percent growths in gross earnings and profit after tax respectively.

Gross earnings rose by 21.1 per cent to N114.6 billion in 2018 compared with N94.6 billion recorded in 2017.

The top-line performance was driven by growths in both interest and non-interest incomes.

Non-interest income rose by 31.2 percent from N16 billion to N21 billion, while interest income increased by 7.8 percent from N36.9 billion to N39.8 billion.

Also, customer deposits increased from N685.0 billion in December 2017 to N723.2 billion by September 2018.

The bank’s net loans increased by 10.7 per cent from N598.0 billion to N662.0 billion in December 2017.

Total assets also improved to N1.08 trillion from N1.07 trillion recorded at the beginning of the year.

Shareholders’ funds increased from N102.9 billion in December 2017 to N106.2 billion in September 2018.

Commenting on the good results, the Chief Executive Officer, Sterling Bank Plc, Mr. Abubakar Suleiman said the bank has been able to sustain its steady growth due to focused implementation of its strategic intent of exceeding customers’ expectations.

He noted that the robust growth of 31.2 per cent in non-interest income was driven by a growth in trading and transaction banking revenues.

“Our strategic intent to be more customer-focused has continued to yield results as we achieved over one million monthly”.


Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

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