Sterling Bank 2019 report: Post Tax Profit grew by 17% in Q4 – Sterling Bank Plc, The one customer bank. A tier 2 lender and the bank whose number one priority is its customers has released it 2019 annual report and financials (Unaudited) to the public. The result was published by the Nigerian Stock Exchange (NSE) recently.
The Sterling Bank result revealed that the bank had an impressive Profit After Tax growth of 17% year-on-year (y-on-y). The profit growth was necessitated by double digit growths in Net Interest Income and Net Fee and Commission Income to deliver an fine result in 2019 financial year end for the bank.
Here are the highlight of the Sterling Bank 2019 annual result:
- Net Interest Income up by 17 per cent from N55.3bn to N66.9bn in Q 2019.
- Net Fee and Commission Income up by 24 per cent from N11.8bn in Q4 2018 to N14.6bn
- Net Trading Income down by 53 per cent in Q4 2019 to N5.1bn from N8.6bn in Q4 2018.
- Other Operating Income was down by 17 percent from N3.2bn in 2018 Q4 to N2.6bn in 2019 Q4
- Impairment Charges was up by 3 per cent to N6bn in Q4 2019 from N5.8 bn in Q4 2018.
- Other Operating Expenses up by 6 per cent in Q4 2019 from N16.7bn to N17.7bn
- Staff Cost up by 14 per cent from N13.2bn in Q4 2018 to N14.9bn in Q4 2019
- Profit Before Tax up by 15 per cent from N9.5bn in Q4 2018 to N10.9bn in Q4 2019
- Profit After Tax also up by 17 per cent to N10.8bn in Q4 2019 from N9.2bn in Q4 2018
The Balance Sheet size of Sterling Bank also had an impressive growth in 2019 financial year except for Loan and Advances to Customers that dropped by 1 per cent. The Bank’s Asset Base however grew by 9 percent y-on-y to close the year at N1.2 trn.
Customer Deposit also grew by 17 per cent from N760.6bn in Q4 2018 to N892.7bn in Q4 2019.
The Bank also grew it Shareholder’s Equity by 22 per cent to N118.9bn in Q4 2019 and its Earning Per Share grew also by 19 per cent from 32 kobo to 38 kobo per share in Q4 2019.