Sterling Bank nets N5.7b profit in first half

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Sterling Bank nets N5.7b profit in first half
August 10, 2021

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•CEO, Sterling Bank, Abubakar Suleiman

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Sterling Bank Plc recorded modest growth in the top-line and bottom-line in the first half with net profit rising by 5.1 per cent to N5.7 billion within the six-month period.

Key extracts of the interim report and accounts of the bank for the first half ended June 30 2021 showed that gross earnings grew by 3.1 per cent from of N66.541 billion in first half 2020 to N68.61 billion in first half 2021. Profit after tax also rose from N5.42 billion in the first half 2020 to N5.7 billion in first half 2021.

The bank’s net interest income also appreciated by 2.619 per cent to close at N30.986 billion compared with N30.195 billion for the corresponding period of 2020 while net fees and commission income rose markedly by 57.738 per cent to finish the first half of the year at N8.368 billion as against N5.305 billion in June 30, 2020.

Sterling Bank’s cash and balances with the Central Bank of Nigeria (CBN) stands at N331.748 billion as at June 30, 2021 as against N303.314 billion during the corresponding period in 2020, while loans and advances to customers grew to N646.883 billion as at the first half of this year from N596.827 billion during the corresponding period of last year. Earnings per share (EPS) rose to 20 kobo from 19 kobo, while non-performing loans closed the mid-year at 1.79 percent as against 1.90 percent in 2020.

Managing Director, Sterling Bank, Mr. Abubakar Suleiman said the directors of the bank were confident that barring any unforeseen circumstances, the trend in the first half would be improved upon in the remaining period of the financial year.