Sterling Bank Plc has declared gross earnings of N57 billion for the half of the year ended in June 30, 2017.
This was disclosed last Thursday July 27 2017 and contained in the bank’s half year result published by the Nigerian Stock Exchange (NSE).
NAN reports that this was against N50.05 billion posted by the bank in the corresponding year of 2016, indicating an increase of 14 per cent.
The bank also posted a profit before tax of N4.3 billion during the period under review compared to N4.38 billion achieved in the previous period.
Its net interest income increased by 5.4 per cent to N27 billion as against N25.6 billion during the corresponding period of 2016.
The bank’s operating expenses declined by 1.6 per cent to N25.7 billion as against N26.1 billion in 2016, re-affirming commitment to building efficient operations.
Further analysis of the result showed that loans and advances increased by 11.9 per cent to N524 billion from N468.3 billion in Dec. 2016.
In the same vein, customer deposits increased by 4.2 per cent to N609 billion compared to N584.7 billion in December 2016.
Shareholders’ funds also increased by 10.5 per cent to N94.6 billion from N85.7 billion in December 2016, while total assets (excluding contingent liabilities) increased by 14.8 per cent to N957.9 billion compared to N834.2 billion in Dec. 2016.
The bank’s Managing Director, Yemi Adeola, was quoted as saying that the improved result was as a result of commitment to efficient operations.
“We will continue to deliver strong top line earnings with a 14 per cent growth in gross earnings arising from a 20 per cent increase in interest income.”
