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Sterling Bank Records Profit After Tax Growth Of 39% In Q3

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Sterling Bank Plc has posted a profit after tax growth of 39 per cent in its unaudited results for the third quarter ended September 30, 2018. This was stated in the bank’s results released on the Nigerian Stock Exchange (NSE), yesterday. The profit after tax grew from N5.9 billion in Q3, 2017 to N8.2 billion in 2018. Profit before tax also rose by 29.5 per cent to N8.5 billion from N6.5 billion in 2017, while earnings per share went up to 28 kobo from 21 kobo in Q3, 2017. The bank also posted gross earnings of N114.6 billion in contrast with N94.6 billion achieved in the comparative period of 2017, indicating an increase of 21.1 per cent. Net Interest income increased by 7.8 per cent to N39.8 billion from N36.9 billion, non-interest income rose by 31.2 per cent to N21.0 billion as against N16.0 billion, while net operating income rose by 26.3 per cent to N57.2 billion from N45.3 billion in Q3, 2017.

Operating expenses increased by 25.7 per cent to N48.7 billion compared to N38.7 billion, net loans and Advances increased by 10.7 per cent to N662 billion N598 billion as at December, 2017, while customer deposits increased by 5.6 per cent to N723.2 billion from N685 billion as at December, 2017. The company’s total assets grew marginally to N1.08 trillion from N1.07 trillion, while overall, shareholders’ funds increased by 3.1 per cent to N106.2 billion from N102.9 billion as at December, 2017. Commenting on the results, the chief executive officer of Sterling Bank, Abubakar Suleiman said that “overall, the bank was able to sustain the steady growth in its bottom line delivering a 39 per cent increase in profit after tax to N8.2 billion when compared to the same period in 2017.  “Our strategic intent to be more customer-focused has continued to yield results; one of such recorded in the last quarter is the increase in the volume of transactions processed through our various electronic platforms since the start of the year.”

Suleiman pointed out that the bank achieved over one million monthly Nigeria Inter-Bank Settlement System Plc (NIBSS) Instant Payment transactions as at July 2018, a 73 per cent increase from the start of the year and expect to see continued traction in this regard. He also added that during the period under review, the bank successfully concluded a Series 2 Notes issuance of N19.7 billion under our N39 billion debt issuance programme. He said that “we expect this buffer provided by the capital to give room for business expansion across our focus areas.” Going into the final quarter of the year, the CEO said that “we aim to complete the ongoing implementation of a number of digital-led initiatives in line with our digitization drive as this is expected to further intensify the bank’s retail drive.”



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