Sterling Bank Plc has recorded a growth of 46.8 per cent in its profit before tax for its unaudited results for the half year ended June 30, 2018.
The bank’s results on the Nigerian Stock Exchange (NSE), yesterday showed that profit before tax grew from N4.3 billion in half year 2017 to N6.3 billion in half year, 2018.
Profit after tax rose by 63.4 per cent to N6.2 billion in second quarter (Q2), 2018 from N3.8 billion in first quarter, 2017, while earnings per share rose to 22 kobo from 13 kobo.
Gross revenue appreciated by 35.9 per cent to N77.6 billion as against N57.1 billion, net interest income declined by 5.4 per cent to N25.5 billion as against N27billion, while non-interest income increased by 112.8 per cent to N15 billion compared to N7 billion achieved in Q2, 2017.
Also, the bank net operating income rose by 29.1 per cent to N38.7 billion from N30 billion, while operating expenses increased by 26.1 per cent to N32.3 billion from N25.6 billion in the comparative period of 2017.
Meanwhile, net loans and advances increased by five per cent to N628 billion as against N598 billion as at December 2017, customer deposits increased by one per cent to N690.5 billion from N686.8 billion as at December 2017, while total assets was relatively flat at N1.04 trillion under the period review.
Speaking on the bank’s results, the chief executive officer of Sterling Bank, Abubakar Suleiman said, “We sustained our momentum in the second quarter, delivering solid growth across key financial indices. In line with our digitisation drive and our promise to continuously innovate to meet our customers’ evolving needs, we launched Sterling One Pay, an upgrade of our mobile and internet banking solution.
“One Pay is designed to create an omnichannel experience for users by integrating both web-based Internet and mobile banking solutions. Our commitment to partnerships resulted in the deployment of I-invest, an application that allows for retail customers instant access to investment in treasury bills.
Suleiman noted that the bank concluded collaborative workshops on three of its five focus sectors with the objective of de-risking the businesses and improving their access to capital, saying that “we also commenced intensive trainings on our focus sectors as we look to develop organisational capabilities that will aid business diversification, improve risk management and ultimately lead to sustainable growth.”