The Half year 2019 financials of Sterling Bank Plc as released to the Nigeria Stock Exchange (NSE) on Tuesday shows a decline in post tax profit by 9 percent from N6.21 billion in June 2018 to N5.66 billion in June 2019. Foreign exchange related income was seen to be responsible for the profit decline.
Foreign Exchange Trading income declined by 93% from N3.99 billion in H1 2018 to N264 million in H1 2019 while Foreign Exchange revaluation of N1.4 billion was part of the Operating Income in June 2018, there was no such income in H1 2019. A difference of N5.12 billion was seen in the FX related income in H1 2018 compared to H1 2019. This was hugely responsible for the decline of 9 percent in the H1 2019 Profit After Tax (PAT)
Other details of Sterling Bank H1 2019 financial as as follows
- Net Interest Income up by 19% from N25.5bn in H1 2018 to N30.4bn
- Fees and Commission Income up by 42% from N6.89bn in H1 2018 to N9.75bn
- Operating Income up by 5% from N40.6bn to N42.8bn in H1 2019
- Net Trading Income down by 77% from to N1.15bn from N4.99bn in H1 2018
- Other Operating Income down by 52% to N1.49bn from N3.13bn in H1 2018
- Recoveries from written off accounts was also down by 37% to N647mn from N1.02bn in H1 2018
- Total Expenses up by 6% from N32.36bn in H1 2018 to N34.37bn
- Profit Before Tax down by 6% to N6bn from N6.36bn in H1 2018
- Profit After Tax down by 9% from N6.21bn in H1 2019 to N5.66bn
Sterling Bank Plc H1 2019 financial show a growing balance sheet.
- The Asset of the bank was up by 5% from N1.1tn in H1 2018 to N1.16tn
- Loans and Advance was up marginally by 0.1% to N622bn from N621bn in H1 2018
- Customers’ Deposit was up by 8% from N761bn in H1 2018 to N819bn
- Owners Equity up by 13% from N97.8bn in H1 2018 to N110.2bn
Sterling Bank, your one-customer Bank formerly know as Nal Bank, has been in existence for over 50 years. The bank evolved from an investment banking institution to a fully-fledged commercial bank. As part of the 2006 consolidation of the Nigerian banking industry, it completed a merger with: Indo-Nigeria Merchant Bank, Magnum Trust Bank, NBM Bank and Trust Bank of Africa.
See also: Ecobank H1 2019 result