Dipo Olowookere
By Dipo Olowookere
Things are gradually getting better at Sterling Bank Plc going by the nine months’ earnings of the financial institution released to the Nigerian Stock Exchange (NSE) on Tuesday.
The lender, in the Q3 results, grew its gross earnings by 21.09 percent to N114.6 billion from N94.7 billion declared in the corresponding period of 2017.
The results briefly analysed by Business Post showed that the interest income went up to N93.6 billion from N78.6 billion, while the net interest income advanced to N39.8 billion from N36.9 billion, with the operating income at N60.9 billion versus N53 billion in Q3 of last year.
Sterling Bank disclosed that it made N10.8 billion from fees and commission income in contrast to N9 billion last year, while interest expense gulped N53.8 billion against N41.7 billion 12 months earlier.
However, the profit before income tax increased to N8.5 billion from N6.6 billion, while the profit after tax advanced to N8.2 billion from N5.9 billion.
In addition, while the earnings per share (EPS) rose to 28 kobo in the period under review from 21 kobo, the Non-Performing Loan (NPL) ratio reduced to 5.38 percent from 6.20 percent.
View the full results below.
