Sterling Bank Records N5.9 Billion Profit in 9 Months – Sterling Bank Plc has recorded robust top-line and bottom-line growth for the nine months ended September 30, 2018.
According to the unaudited report and accounts of Sterling Bank, the commercial bank posted 21 per cent and 39 per cent 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 comparable period of 2017. The top-line performance was driven by growths in both interest and non-interest incomes. Non-interest income rose by 31.2 per cent from N16 billion to N21 billion, while net interest income increased by 7.8 per cent from N36.9 billion to N39.8 billion.
Sterling Bank sustained its steady growth in profitability with profit before tax growing by 29.5 per cent N8.5 billion as against N6.5 billion in corresponding period of 2017, just as profit after tax rose by 39 per cent from N5.9 billion to N8.2 billion. Consequently, earnings per share improved from 21 kobo to 28 kobo.
Customer deposits increased to N723.2 billion by September 2018 from N685.0 billion in December 2017. The bank’s net loans and advances increased by 10.7 per cent to N662.0 billion from N598.0 billion in December 2017. Total assets improved to N1.08 trillion as against N1.07 trillion recorded at the beginning of the year while shareholders’ funds increased from N102.9 billion in December 2017 to N106.2 billion in September 2018.
Commenting on the 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, as the bank continues to prioritize efficiency of its digital banking platforms to support its retail drive.
“Our strategic intent to be more customer-focused has continued to yield results; one of such recorded in the last quarter is the increase in the volume of transactions processed through our various electronic platforms since the start of the year. We achieved over one million monthly NIBBS Instant Payment transactions as at July 2018, a 73 per cent increase from the start of the year and expect to see continuing traction in this regard,” Suleiman said.