By Dipo Olowookere
On Thursday, April 25, 2019, Sterling Bank released its financial statements for the period ended March 31, 2019.
In the results briefly analysed by Business Post, the lender declared a 8.23 percent decline in the gross earnings, which dropped to N36.5 billion from N39.8 billion, while the interest income depreciated by 3.19 percent to N30.8 billion from N31.8 billion.
However, the bank reduced its interest expense to N15.9 billion from N19.4 billion, with the operating income growing to N20.6 billion from N20.5 billion.
Also, the fees and commission income improved to N4.7 billion from N3.6 billion, while the net trading income declining to N435 million from N2.7 billion.
Personnel expenses increased in the period under review to N3.5 billion from N3.2 billion, with the impairment charge dropping to N843 million from N1.3 billion.
For the bottom line of the results, the profit before tax increased to N3.3 billion from N3.2 billion, while the profit after tax rose to N3.2 billion from N3.1 billion.
The balance sheet showed that the total assets increased to N1.3 trillion from N1.1 trillion, but the total liabilities slightly increased to N1.025 trillion from N1.005 trillion, with the shareholders’ fund jumping to N108 billion from N97.8 billion.
more recommended stories
Keystone Bank Offers Verve Card Holders Free Petrol
By Dipo Olowookere New and existing.
Cashless Policy: No Going Back on Deposits Charges—CBN
By Adedapo Adesanya Despite the recent.
Reps Urge CBN to Suspend Charges on Deposits, Withdrawals
By Dipo Olowookere The Central Bank.
Awoof Berekete Campaign Powered by Access Bank
Hey Guys, Have you heard of.
Stanbic IBTC Assures Stakeholders Long Term Value
By Modupe Gbadeyanka Stanbic IBTC Holdings.
CBN Directs Banks to Charge 3%, 5% Fees for Cash Deposits, Withdrawals
By Dipo Olowookere All Deposit Money.
Infinity Trust Mortgage Bank to Raise Fresh Capital
By Adedapo Adesanya The management of.
Excitement as Transactions on EcobankPay Reach N2bn
By Modupe Gbadeyanka Since its launch.