SunTrust Bank Increases Profit By 195.6% In 2022

SunTrust Bank closed its 2022 fiscal year with a N1.5 bllion profit, that is a 195.6 per cent growth, before tax. 

The bank made this known in its December 31, 2022 audited financial result.

According to the report, SunTrust Bank assets grew by 94.7 per cent to N132.3bn in 2022 from N67.9 billion in 2021; total deposit liabilities rose by 61.8 per cent from N50.8 billion in 2021 to N82.2 billion in 2022, whilst its net interest income increased by 514 per cent N2.8 billion in 2022 up from its N461.5 million profit in 2021.

SunTrust Bank’s chief executive officer (CEO) and managing director, Hajiya Halima Buba, attributed the growth to ‘paying attention to customers’ needs in an ever-dynamic operational landscape and deploying technological and innovation driven solutions to meet customers aspirations.’ 

Buba commended the inputs of its board of directors, management and the customers who have kept faith with the bank over the years, whilst reiterating the bank’s commitment to consistently deepen mutually beneficial relationships with customers, in view of delivering excellent banking services, in line with its ambition of becoming Nigerians choicest retail bank.

SunTrust started commercial banking operations since 2016, and currently has five branches in Abuja, Lagos, Rivers and Akwa Ibom states.