Sterling Bank Plc has declared a leap in earnings capacity barely months after it consummated an inorganic expansion.
The bank's gross earnings rose by 58 per cent to N32.7 billion for the six months through June 2012, relative to the comparative period of the previous year while profit jumped by 38 percent.
According to the company, the performance, which is testimony to the efficacy measures built into its core banking operations and the aggressive business development along various needs of the customer, witnessed improvements in interest income that grew by 81 percent and in other headline figures. Net interest income rose by whopping 70 percent and operating income by 49 percent.
The Managing Director and Chief Executive of the bank, Mr.YemiAdeola said the results have been achieved against the backdrop of difficult global and domestic economic conditions, which continue to impact real sector investment, foreign investor participation, consumer confidence, and market risk appetite.
Sterling Bank last year acquired Equitorial Trust Bank Plc, one of the banks bailed out by the central bank in 2009, a move market watchers observed would witness significant synergy and raise the performance of the successor entity tremendously.