Sterling Bank gross earnings up by 35%

STERLING Bank Plc has reported a 35.9 percent growth in gross earnings to N77.6 billion in the first half ended June 30, 2018 from N57.1 billion recorded in the corresponding period of 2017.

The bank also recorded a Profit After Tax (PAT) of N6.2 billion on gross earnings of N77.6 billion as against PAT of N3.8 billion on gross earnings of N57.1 billion during the corresponding period of 2017.

•Yemi Adeola, Sterling Bank MD

Commenting on the result, Mr. Abubakar Suleiman, Chief Executive Officer, Sterling Bank Plc, said “We sustained our momentum in the second quarter, delivering solid growth across key financial indices. We also achieved a 35.9 percent growth in gross earnings to N77.6 billion from N57.1 billion in the second quarter of 2017. This was largely driven by a 25.1 percent growth in interest income and a 56.5 percent growth in transaction banking revenues, emphasizing our commitment to our retail drive.”

Suleiman disclosed that net operating income was up 29.1 percent, on the back of a 54.8 percent reduction in impairment charges. “Sterling Bank experienced significant improvement in asset quality as cost of risk declined further by 86 basis points to 0.8 percent from 1.6 percent in June 2017, reflecting the strength of our risk management framework. Overall, Profit after Tax rose by 64.8 percent to N6.2 billion resulting in a 370-basis point increase in Return on Average Equity to 12.2 percent.”

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