• Friday, April 12, 2024
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Sterling HoldCo’s annual interest income rises 27% to N163bn

Sterling HoldCo’s annual interest income rises 27% to N163bn

Sterling Financial Holdings Company Limited recorded a 27 percent rise in its interest income last year, according to its latest unaudited financial statement.

Interest income increased to N163.22 billion from N128.43 billion in 2022. Interest expenses also grew to N72.90 billion from N52.04 billion.

Further analysis of the statement shows that fees and commission income was N26.32 billion, up from N22.37 billion.

Items in fees and commission income include; facility management fees (N3.76 billion), account maintenance fees (N4.88 billion), commission and similar income (N6.14 billion), e-business commission (N8.59 billion), commission on the letter of credit and off-balance sheet transactions (N7.23 billion) and other fees and commission (N4.31 billion).

The company’s after-tax profit rose to N21.52 billion from N19.29 billion. Other operating income was N11 billion, up from N10.63 billion.

Other operating expenses increased to N30.79 billion from N26.88 billion, on the back of an increase in Asset Management Corporation of Nigeria surcharge amounting to N10.47 billion. Total assets grew to N2.53 trillion from N1.86 trillion.

Total expenses for the year increased by 25.2 percent to N109.24 billion from N87.21 billion. Earnings per share increased to N0.75 kobo from N0.67 kobo. Loans and advances to customers rose to N901.89 from N737.74 billion.

Deposits from customers totalled N1.84 trillion, up from N1.33 trillion. Net cash flows from operating activities increased to N168.18 billion from N76.72 billion.

Net cash flows from/(used in) investing activities recorded a negative of N124.18 billion from a negative of N80.02 billion. Net cash flows from/(used in) financing activities recorded a negative of N9.79 billion from N4.11 billion.

Cash and cash equivalents at the end of the period totalled N391.25 billion from N222.65 billion.