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Sterling Bank Reports N47.53Bn Net Income Growth, Other Positive Indices

Sterling Bank Plc has reported a net interest income growth of N47.53 billion for the third quarter ended September 30, 2019 as against N39.834 billion for the corresponding period of 2018, representing a growth of 19.3 percent.

According to the figures on the lender’s performance over the period, the growth in the net interest income was driven primarily by 200 percent growth in the bank’s retail and consumer loans portfolio.

In addition, the bank’s innovative digital lending platform, Specta also catalysed this growth with volumes averaging N8 billion per month, reaching over 40,000 individuals as at Q3 2019.

Commenting on the bank’s financial performance,  the Managing Director and Chief Executive Officer,  Mr. Abubakar Suleiman, said: “Our performance continues to reflect positive results of strategic decisions and investments in our focus areas. We recorded significant improvement in transaction led revenue and our funding base riding on adoption of digital channels. Overall, we delivered a 7.7% increase in operating income and profit after tax of N7.58 billion.

“Going into the final quarter, we will continue to take a customer-centric centric approach to achieving growth and enhance our digital capacity to further support the business, while remaining focused on exceeding our performance in the previous year”, the banker added

Suleiman explained that the bank recorded a 7.7 percent improvement, in operating income of N65.493 billion during the quarter ended September 30, 2019 against N60.822 billion during the corresponding period of 2018 and profit after tax of N7.578 billion in 2019.

Other highlights of the financials during the period indicated that the bank’s customer deposit also appreciated to N853.551 billion compared to N760.6 billion in the corresponding period of 2018, indicating a growth of N12.2 percent.

This is even as loans advanced to customers grew to N635.093 in 2019 from N621.017 billion in 2018, representing a growth of 2.3 percent while shareholders’ funds rose to N109.535 billion during the period compared to N97.800 billion reported for the corresponding of 2018.

Similarly, the positive performance indices also showed the bank’s operating income after impairment rose by 1.3 percent to N61.583 billion compared to N60.822 billion in September 2018. Just as non-performing loans dropped to 7.4 percent during the review period in 2019 from 8.7 percent in the corresponding period of 2018, representing an improvement of 14.6 percent.

Sterling Bank Plc,  is a leading commercial bank in Nigeria with over N1 trillion in total assets, 180 business offices and over 800 ATMs nationwide.

 

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