• Wednesday, February 28, 2024
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Suntrust Bank declares N1.51bn PBT for 2022

Suntrust Bank declares N1.51bn profit

Commercial bank, SunTrust Bank Nigeria Limited, has declared a Profit Before Tax of N1.51bn for the year ended December 31st 2022, representing a 195.6 per cent growth in the bank’s profit before tax compared to the 2021 figure, which was a loss of N1.58bn.

This was disclosed in the bank’s 2022 Audited Financial Result.

Similarly, the Bank’s total assets grew by 94.7 per cent from N67.9bn in 2021 to N132.3bn in 2022 and total deposit liabilities grew by 61.8 per cent from N50.8bn in 2021 to N82.2bn in 2022.

The bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, representing a 514 per cent growth.

Speaking on the bank’s results, the Managing Director and Chief Executive Officer, Halima Buba, pointed out that the Bank’s success in the past year can be attributed to paying attention to customer needs “in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers aspirations.”

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Buba reiterated the bank’s commitment to deepen mutually beneficial relationships with customers, by delivering excellent banking services and living up to the bank’s ambition of becoming the retail bank of choice within the shortest possible time.

SunTrust Bank started commercial banking operations in 2016 after securing the Central Bank of Nigeria’s banking licence to operate as a regional commercial bank.