Sterling Bank, in its latest financial record, saw a 43.2 percent increase in profit after tax to N5.4 billion in the third quarter of this year from N3.77 billion in the third quarter of 2021.
The bank’s net interest income also surged 24.5 percent to N20.85 billion in the third quarter of 2022 from N16.74 billion in the third quarter of 2021.
Sterling Bank’s cash and cash equivalents at the end of the period rose to N222.8 billion in September 2022, up 15.6 percent from N192.7 billion in the same period of 2021.
Basic earnings per share rose to 47 kobos in the nine months of 2022 from 33 kobos in the corresponding period of 2021.
Here are the five things to note from Sterling Bank’s third-quarter financials
Profit before tax -rises by 51%
Sterling Bank’s profit before tax stood at N5.74 billion in the third quarter of 2022, up 51 percent from N3.8 billion in the comparable period of 2021.
Profit after tax stood at N5.37 billion in the third quarter of this year, a 42.4 percent increase from N3.77 billion in the third quarter of last year.
Net interest income -rises by 24%
Sterling Bank’s net interest income increased to N20.85 billion in the third quarter of 2022, 24.5 percent from N16.74 billion in the third quarter of last year.
Interest income grew 9 percent to N31 billion from N28.47 billion in the comparable period.
Interest expense dropped 14.3 percent to N10.05 billion in the third quarter of 2022 from N11.73 billion in the third quarter of 2021.
Read also: 5 things to note about Unity Bank’s financial results
Operating income- rises by 21%
Sterling Bank’s operating income surged 21.4 percent to N31.2 billion in the third quarter of 2022 from N25.7 billion in the third quarter of 2021.
The bank’s operating income includes net fees and commission income, net trading income, and other operating income.
Net fees and commission income grew 9 percent to N5.07 billion from N4.64 billion in the third quarter of 2021.
Net trading income dropped 14.5 percent to N2.35 billion from N2.75 billion in the comparable periods.
Other operating income surged 84 percent to N2.91 billion in the third quarter of 2022 from N1.58 billion in the third quarter of 2021.
Cash flows from operating, investing, and financing activities
Net cash flows from operating activities stood at a positive of N37.5 billion in September 2022 from N161.5 billion in the same period of 2021.
Net cash flows from investing activities recorded N34.8 billion from N96.4 billion year-on-year negative cash flow.
Net cash flows from financing activities recorded a negative cash flow of N5 billion in September 2022 from a positive cash flow of N31.1 billion in September 2021.
Total Expenses- rises by 20%
Sterling Bank’s total expenses surged 20.7 percent to N23.45 billion in the third quarter of 2022 from N19.42 billion in the third quarter of 2021.
Personnel expenses climbed to N4.55 billion in the third quarter of 2022, a 19.7 percent increase from N3.8 billion in the third quarter of 2021.
Other operating expenses jumped to N7 billion, a 27.2 percent increase from N5.5 billion in the comparable period.
General and administrative expenses rose to N7.04 billion, a 4 percent increase from N6.74 billion in the period reviewed.
Other property, plant, and equipment costs increased to N3.7 billion in the third quarter of 2022, up 74.5 percent from N2.12 billion in the third quarter of 2021.
Depreciation and amortisation dropped 4 percent to N1.2 billion from N1.25 billion in the period reviewed.
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