Sterling Bank Projects N6.344 Billion Profit for Q3 2022

Sterling Bank Plc, one of the financial banks operating in Nigeria, has predicted gross earnings of N50.488 billion for the third quarter ended September 30, 2022.

In the cash flow projection released for the third quarter and obtained by Investors King, the lender expected interest income of N39.152 billion and interest expenses of N14.659 billion in the quarter.

Net revenue from funds is expected to be N24.492 billion while credit impairment was forecast to hit N2.699 billion. Sterling bank projected that other income will be N11.336 billion in the third quarter.

Net operating income and operating expenses were estimated at N33.129 billion and N26.233 billion, respectively.

Profit before tax for the quarter will be N6.897 billion, according to the projection. Company income tax was estimated at N551.721 million to trim the bank’s profit for the quarter to N6.345 billion.

Sterling bank estimated that net cash from operating activities for the quarter will be N104.595 billion and cashflow from investing activities was projected to be N118.787 billion.

Other Sterling Bank Key Financial Projections Are as Follows:

Cashflow From Financing Activities – N6.329 billion
Net Decrease In Net Cash & Cash Equivalents – N 7.863 billion
Cash/Bank Balance at the Beginning of the Period – N185.093 billion
Cash/Bank Balance at the End of the Period – N177.229 billion.