Sterling Bank Announces N8.2 Billion PAT

• Sterling Bank Announces N8.2 Billion PAT

Sterling Bank Plc announced its financial results for the nine months ended September 30, 2018.

The bank grew its profit before tax by 29.5 percent to N8.5 billion, higher than the N6.5 billion recorded in the corresponding period of 2017.

According to the lender, profit after tax climbed 39 percent from N5.9 billion to N8.2 billion during the period.

Similarly, earnings per share rose from 21 kobo to 28 kobo.

Speaking on the results, Mr. Moses Igbrude of Independent Shareholders Association of Nigeria said the bank significant growth during a challenging period is commendable.

“Sterling Bank Plc must be commended on this performance. It is sign of good things to come for us shareholders of the bank. The management and board deserve our support,” Igbrude said.

Gross earnings rose by 21 percent from N94.6 billion to N114.6 billion in 2018. While customer deposits climbed from N685.0 billion in December 2017 to N723.2 billion by September 2018.

The bank’s net loans and advances grew by 10.7 percent from N598.0 in December 2017 to N662.0 billion in September 2018.

The bank reported total assets of N1.08 trillion, an increase of N106.2 billion from the N1.07 trillion achieved in December 2018.

Mr. Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Plc, said the commercial bank was able to sustain growth due to a series of strategic adjustments made to exceed customers’ expectations.

The 31.2 percent growth in non-interest income was largely driven by growth in trading and revenues from banking transactions, as the lender continues to enhance its digital banking platforms to aid 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.