Sterling Bank Plc on Tuesday announced gross earnings of N152.2 billion for the financial year ended Dec. 31, 2018.
The gross earnings were higher by 14.09 per cent when compared with N133.4 billion declared for the corresponding period of 2017.
Its profit after tax stood at N9.2 billion against N8.5 billion achieved in the corresponding period of 2017.
The bank, in a statement, said the performance affirmed the potency of its medium to long-term strategy.
Commenting on the financial performance, Mr Abubakar Suleiman, Chief Executive Officer of the bank, said, “Our 2018 performance demonstrated our commitment to the race we set out on at the beginning of the year.
“We continued to identify more with our strategic pillars- agility, digitisation and specialization- enabling us to set the stage for positive and sustainable growth across the business.
“Our investments in people and technology platforms drove significant traction in the retail and consumer segment, in line with our medium to long term goals.
“Overall, the bank delivered a 14.9 per cent growth in profit after tax to N9.2 billion,” Suleiman said.
He said that consumer loans were up by 108.3 per cent driven by SPECTA-Nigeria’s leading lending digital platform.
Suleiman said that mobile channel usage grew over 80 by per cent following the launch of Sterling OnePay, an omni-channel mobile banking platform as transaction volumes doubled on the instant payment platform.
Suleiman said the bank increased its financing efforts in the agriculture sector which accounted for 10 per cent of its loan book.
He said this was in line with the bank’s commitment to sectors that would create jobs, improve living standards and bring about economic growth.
According to him, the bank maintained a healthy capital and liquidity position at 13.3 per cent and 42.2 per cent respectively, on account of additional tier two capital injection.
On future prospects, Abubakar said: “We would maintain a more customer-centric approach to achieving growth and strive to scale our digital products.
“Specifically, we will further diversify our loan book by targeting 20 per cent share to Health, Education, Agriculture, Renewable Energy and Transportation- our HEART sectors,’’ he said.
According to him, Sterling Bank will increase access to loans for a wider customer base through other exciting variants of SPECTA and further decentralise the investment market through digital platforms.
The bank refocusses its corporate and investment banking segment with emphasis on providing innovative solutions to key corporates and banking the value chain.
We Must Face Governance Squarely – Lawan
Senate President, Ahmed Lawan, has stated that the senate has put aside party difference and is united for good governance...
Presidency, PDP At Loggerheads Over $1bn ECA Security Fund
The presidency and the opposition Peoples Democratic Party (PDP) are back tothe trenches over the latter’s claim that the whereabouts...
APC Insists On Fresh Inauguration Of Bauchi, Edo Assemblies
The All Progressives Congress (APC) has insisted on the fresh inauguration of Bauchi and Edo State Houses of Assembly. The...
N1.7trn Non-performing Loans Choking Banks – Experts
Concerns have been raised by stakeholders in the financial industry over the N1.67 trillion non-performing loans (NPLs) in the Nigerian...
ICPC To Begin Crackdown On Varsities Over Fake NYSC Mobilisation
The chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof Bolaji Owasanoye, yesterday, said the commission...
Reps Seek Assent To Forensic Investigators Bill
A member of the House of Representatives, Hon. Uzoma Nkem-Abonta has urged President Muhammadu Buhari to sign the Chartered Institute...
Gas, Power Push NNPC’s Trading Surplus To N6.33bn In May
The Nigerian National Petroleum Corporation (NNPC) yesterday announced a trading surplus of N6.33 billon for the month of May 2019,...
NEWS15 hours ago
Suicide Bomber Hits Hospital Kills 8, Injures 22
POLITICS9 hours ago
I Am Not Bitter Over My Brother’s Loss At Supreme Court, Says Adeleke
SCIENCE TECHNOLOGY17 hours ago
Are You Addicted To Your Phone, Internet? Try This!
POLITICS16 hours ago
Group Endorsed Yahaya Bello for 2nd Term
NEWS15 hours ago
Ruga: Abia Monarch Lauds State Government’s Restriction On Land Sales
POLITICS15 hours ago
Oyegun To Oshiomhole: Support Only APC Governor In S’South
BUSINESS17 hours ago
Tamaidukka Group To Invest $25M In Agro Allied Industrial Park
NEWS17 hours ago
Economy: Stop Peddling Fake News Against CBN Gov, Group Warns