Sterling Bank’s Q1 profit rises by 25% to N3.9b | Independent Newspapers Limited
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Sterling Bank’s Q1 profit rises by 25% to N3.9b

Posted: Apr 21, 2015 at 4:00 am   /   by   /   comments (0)

By Bamidele Ogunwusi –  Correspondent, Lagos


Sterling Bank has recorded a 25 percent increase in its profit after tax for the first quarter ended March 31st, 2015, demonstrating the lender’s ability to sustain its growth in spite of industry headwinds.

According to key extracts of the results released on Monday at the Nigerian Stock Exchange (NSE), which showed appreciable growth in all key performance indices, the Bank’s profit after tax leapt from N3.1 billion to N3.9billion year-on-year.

Similarly, pre-tax profit rose by 14.1 percent from N3.5 billion to N4.0 billion, while non-interest income grew by 31.9 percent from N6.1billon to N8.0 billion, driven by a 51 percent growth in fees and commission, which rose to N5 billion.

In the same breadth, net operating income inched up by 6.1 percent from N15.3 billion to N16.2 billion on the back of a growth in non-interest income and a 10.4 percent reduction in impairment charges.

Net loans and advances also increased by 5.7 percent from N371.2billion to N392.4.0 billion due to the lender’s “selective approach to asset creation.”