Sterling Bank Grows Profit by 4.52% Amid 8.23% in Earnings

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.