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”.

 

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

Must Read

8 Ways To Enjoy Your New Relationship Instead Of Worrying That You’ll Ruin It

A new relationship can be as exhilarating as it is terrifying. You finally found that guy you click with, someone you really enjoy spending...

WORKING ON YOUR FEELINGS

Acts 24:24-25 One great mistake some people make is to trust their feelings. I am sure you have heard people making statements like; "I trust...

Aisha Buhari warns Police IG against intimidating Timi Dakolo and his wife

First lady, Aisha Buhari has warned the Inspector General of Police against intimidating Busola Dakolo and her husband, Timi over the rape allegation against...

Terror Scare: British Airways cancels all flights to Cairo for a week as a security “precaution”

British Airways has cancelled all flights to the Egyptian capital Cairo for a week as a security "precaution".     Passengers who were about to board...

I am ready to lay down my life for Nigeria – Peter Obi

Peter Obi, the vice presidential candidate of the People’s Democratic Party (PDP) in the 2019 presidential election, in his speech at the 8th stakeholders meeting of Anambra State chapter of...