HY Earnings: Sterling Bank Profit Drops by 5.5%

By Modupe Gbadeyanka

Sterling Bank Plc, one of the financial institutions in Nigeria, has released its financial statements for the period ended June 30, 2017.

In the unaudited results, the firm recorded a decline in its profit when compared with what it declared a year ago.

Specifically, its profit after tax slumped to N3.8 billion in the period under review from N4 billion in the corresponding period of 2016.

Furthermore, its profit before taxation depreciated to N4.3 billion in the first half of this year from N4.4 billion last year.

However, the lender said its revenue for the period grew by 15 percent to N57.1 billion from N50.1 billion recorded 12 months ago.

In addition, the bank’s non-performing loan (NPL) ratio closed at 7.35 percent as at June 30, 2017 in contrast to 9.9 percent as at December 31, 2017.

According to the financial statements, Sterling Bank said deposits from its customers closed at N609 billion in the period under review compared with N585 billion as at December 31, 2016.

Also, its net interest income increased to N27 billion from N25.6 billion during the corresponding period of 2016, while operating expenses declined by 1.6 percent to N25.7 billion against N26.1 billion in 2016.

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