Sterling Bank Plc, a full service national commercial bank, has projected a profit before tax (PBT) of N3.2 billion on gross earnings of N40.194 billion for the fourth quarter (Q4) ending December 31, 2021.
The head, finance and performance management at Sterling Bank, Mrs. Adebimpe Olambiwonnu, disclosed this in the bank’s earnings projection sent to NGX Limited.
Olambiwonnu remarked that the lender also hopes to earn interest income of N30.8 billion and an interest expense of N9.1 billion. This will earn the bank a net interest of N21.628 billion.
According to her, the bank is also targeting commissions and fees of N5.3 billion, recovering income of N874.2 million as well as other income of N3.2 billion, thereby bringing total other operating income to N9.433 billion.
Olambiwonnu said the bank’s estimated total operating expense for the fourth quarter would be N27.814 billion, made up of staff expenses of N7.728 billion, impairment charges of N2.3 billion and operating expenses of N17.830 billion.
As at second quarter (Q2) ended June 30, 2021,Sterling Bank reported a profit after tax (PAT) of N5.6 billion, which was achieved on gross earnings of N68.609 billion, representing 5.097 percent growth in net profit.
The bank’s net interest income also appreciated by2.620 percent to close at N30.986 billion, compared with N30.195 billion for the corresponding period of 2020 while net fees and commission income rose significantly by 57.738 percent to finish the first half of the year at N8.368billion as against N5.305 billion in June 30, 2020.
Sterling Bank’s cash and balances with the Central Bank of Nigeria (CBN) was N331.748 billion as at June 30, 2021 as againstN303.314 billion during the corresponding period in 2020, while loans and advances to customers grew to N646.883 billion as at the first half of this year from N596.827 billion during the corresponding period of last year.
Sterling Bank remains focused in driving investments in high impact sectors that are critical to the growth of the economy; Health, Education, Agriculture, Renewable Energy and Transportation(H.E.A.R.T.) as well as investments in disruptive technology by leveraging on technological change to impact both businesses and individuals alike.
The board of directors of the Bank expressed confidence that barring any unforeseen circumstances, this trend would be improved upon in the remaining period of the financial year.