Sterling Bank reports N5.7bn half year profit

Sterling Bank Plc has reported a profit after tax (PAT) of N5.691 billion for the first half of 2021, despite the prevailing difficult macro-economic environment

This was achieved on gross earnings of N68.609 billion for the half-year ended June 30, 2021, compared to gross earnings of N66.541 billion it declared in the corresponding period of 2020. This represents a 5.097 percent growth in net profit, from N5.415 billion in the first half of 2020, and 3.108 percent in gross earnings.

Reflecting on the financial highlights of the accounts, the Managing Director and CEO of Sterling Bank, Abubakar Suleiman, remarked that the bank’s net interest income also appreciated by 2.619 percent 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 percent 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.

Read also: Wema Bank’s Business School to advance SMEs’ skills, competence

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.

The board of directors of the bank is confident that barring any unforeseen circumstances, this trend would be improved upon in the remaining period of the financial year.

Sterling Bank Plc is a leading national commercial banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Presently, with total assets of N1.393 trillion, 157 business offices and more than 800 ATMs nationwide, it has grown into a major financial institution and prides itself as ‘Your One-Customer Bank’ that celebrates each customer as a unique individual.

With a strategic focus on the Health, Education, Agriculture, Renewable Energy and Transportation (H.E.A.R.T.) sectors, it is engaged in commercial banking services with emphasis on retail, commercial and corporate banking, trade services, investment banking activities and non-interest banking. It also provides wholesale banking services including the granting of loans and advances; letter of credit transactions, money market operations, electronic banking products and other banking activities.