Sterling Bank has reported its highest nine-month profits in seven years as profit rose to N13.4 billion in September 2022, up 41.6 percent from N9.46 billion in September 2021.
According to the bank’s latest financial statement, the bank recorded an interest income of N90 billion in September 2022, up 8.8 percent from N82.7 billion in September 2021.
Interest expense rose by 1 percent to N35.4 billion in September 2022 from N35 billion in September 2021.
The bank’s net fees and commission income increased to N15.5 billion in September 2022, up 19.2 percent from N13 billion in September 2021.
Net trading income rose to N6.23 billion in September 2022, up 55.7 percent from N4 billion in September 2021.
Other operating income increased to N7.85 billion in September 2022, 56.3 percent from N5.02 billion in September 2021.
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Personnel expenses increased by 9.5 percent to N12.2 billion in September 2022, as against N11.14 billion recorded in September 2021.
Total expenses incurred by Sterling bank stood at N63.8 billion in September 2022, indicating a 19 percent increase from N53.6 billion in September 2021.
Income tax expense increased to N965 million in September 2022, up 143 percent from N396 million in September 2021.
Rental income rose to N650 million in September 2022, up 169 percent from N241 million in September 2021.
Facility management fees rose to N2.04 billion in September 2022, a 15 percent increase from N1.77 billion in September 2021.
The bank’s account maintenance fee surged 43.4 percent to N2.94 billion in September 2022 from N2.05 billion in September 2021.
E-business commission and fees increased by 11 percent to N5.56 billion in September 2022 from N5.01 billion in September 2021.
Wages and salaries increased to N11.13 billion in September 2022, indicating a 9.4 percent increase from N10.17 billion in September 2021.
Total assets grew to N1.8 trillion in September 2022, a 10.4 percent increase from N1.63 trillion in December 2021.
Loans and advances to customers rose to N749.6 billion in September 2022, up 5.3 percent from N712 billion in December 2021.
Deposits from banks increased to N59.1 billion in September 2022, a 281 percent increase from N15.5 billion in December 2021.
Deposits from customers climbed 3.3 percent to N1.25 trillion from N1.21 trillion in December 2021.
Total equity rose to N150.3 billion in September 2022, a 6.2 percent increase from N141.5 billion in December 2021.
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.
Basic earnings per share rose to 47 kobo in September 2022 from 33 kobo in September 2021.
Cash and cash equivalents at end of the period rose to N222.8 billion in September 2022, up 15.6 percent from N192.7 billion in the corresponding period of 2021.
Sterling Bank Plc, which is a full-service national commercial bank is licensed by the Central Bank of Nigeria. The bank provides services to individuals, small businesses, and large corporations.
