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SunTrust Bank posts N1.5bn profit before tax for 2023

SunTrust walks lending talk as 6 SMEs get 46m each

SunTrust Bank Nigeria Limited has announced a Profit Before Tax of N1.5 billion for the financial year ended December 31, 2023. This was disclosed in the Bank’s 2023 Audited financial results, now available on its official website. Although this marks a modest 1% increase in profit before tax compared to the previous year, it reflects the bank’s continued profitability over recent years.

The bank’s total assets reached N133 billion at the end of 2023, up from N132 billion in 2022. Total deposit liabilities saw a significant rise of 21%, growing from N82 billion in 2022 to N104 billion in 2023. Similarly, net interest income doubled from N2.8 billion in 2022 to N5.4 billion in 2023, indicating a 100% increase. The Bank’s share capital also saw a substantial increase of 41%, from N11.8 billion in 2022 to N20 billion in 2023.

SunTrust Bank’s achievements over the past two years can be attributed to its focus on addressing customer needs within a constantly evolving operational landscape. By leveraging technology and innovation, the Bank has effectively met customer aspirations and delivered tailored solutions.

Since commencing commercial banking operations in 2016, following the acquisition of a Central Bank of Nigeria (CBN) license to operate as a regional commercial bank, SunTrust Bank has consistently supported a diverse range of customers over the past seven years. The Bank operates five branches located in Lagos, the Federal Capital Territory (FCT), Rivers, and Akwa Ibom, bolstered by a growing Agency Banking Network.

Renowned for its support of Micro, Small, and Medium Enterprises (MSMEs), SunTrust Bank provides low-interest funding to help businesses grow. The Bank continues to innovate its product offerings to cater to the broader banking population, including medium to large corporations and government entities. Additionally, SunTrust Bank offers Sharia-compliant banking products through its dedicated Non-Interest Banking Window.