Sterling Bank’s Profit Jumps By 65.2%

Sterling Bank Plc on Friday reported a profit after tax of N3.1 billion on gross earnings of N39.8 billion for the first quarter ended 31st March 2018.

The impressive first quarter net income is an improvement on net income of N1.9 billion for the corresponding period of 2017, representing an increase of 65.2 per cent.

A further review of the financial performance indicated that net loans and advances increased by two per cent to N609.8 billion, customer deposits rose by 4.9 per cent to N718.5 billion, while total assets (excluding contingent liabilities) were relatively flat at N1.05 trillion.

Commenting on the financial performance, Abubakar Suleiman, the Chief Executive Officer of the bank, said: “We are pleased to be starting 2018 on a good note, by sustaining the strong performance delivered in 2017 with growth across key financial indices.  This demonstrates strength and is indicative of our outlook for the financial year.”

Remarkably, the bank’s gross earnings grew by 39.3 per cent to N39.8 billion from N28.6 billion in the first quarter of 2017, with the Improvement in earnings directly linked to measured growth in retail lending as well as a 90 per cent increase in transaction banking revenues.