• Sunday, April 21, 2024
businessday logo

BusinessDay

Sterling Holdings project N7bn profit in Q1

Sterling Bank renews kit sponsorship deal with Bendel Insurance

Sterling Holdings, a financial institution in Nigeria, has projected a rise in its profit after tax of N7.02 billion for the first quarter of 2024, according to its latest earnings forecast on the Nigerian Stock Exchange.

This projection indicates a rise of 38.2 percent from N5.08 billion recorded Q3 2023.

Additionally, other income is projected to be N16.62 billion compared to N4.09 billion recorded in Q3. Interest income is forecasted to reach N56.58 billion from N41.3 billion recorded in the third quarter of 2023.

Interest expense is projected to be N21.97 billion from N17.94 billion record in Q3. Operating expenses is projected to be N37.96 billion, and a projected cash/bank balance at the end of the period of N260.16 billion.

The firm projects its profit/loss before tax of N7.84 million and its gross earnings to be N73.12 billion.

The three-month financial report for September 2023 indicated a marginal 7.80 percent increase in profit after tax, reaching N5.80 billion compared to N5.38 billion in the corresponding quarter of 2022.

Personnel expenses rose to N6.51 billion in Q3, up from N4.55 billion in the same period of 2022.

In Q3, net cash flows from operating activities turned negative at N15.8 billion, contrasting with the positive N37.56 billion recorded in the corresponding period of 2022.

Net cash flows from investing activities also turned negative, amounting to N110.5 billion in Q3, compared to N34.84 billion in the same period of 2022.

Net cash flows from financing activities increased to N31.14 billion in Q3 from a negative N4.99 billion recorded in the corresponding period of 2022.

The cash and cash equivalents at the end of the period decreased to N211.76 billion from N222.86 billion in Q3.