Sterling Bank Grows Profit to N11.694 Billion in 2020

Sterling Bank Plc grew profit after tax from N10.602 billion recorded in 2019 to N11.694 billion in 2020.

In the unaudited financial statements released on Friday, the lender net interest income rose to N67.502 billion during the period under review, up from N64.699 billion posted in 2019.

Operating income also expanded from N87.603 billion in 2019 to N95.267 billion in 2020.

Net operating income after impairment stood at N81.872 billion, slightly above N81.765 billion filed in the same period of 2019.

Total expenses incurred during the period under review moderated from N71.093 billion in 2019 to N69.268 billion in 2020.

Profit before income tax stood at N12.604 billion, up from N10.672 billion filed in 2020.