Sterling Bank Plc, the one customer bank has recently published it first quarter ended March 2020 unaudited financial statement. The tier 2 lender had a not too impressive first quarter 2020 and both the top and bottom line figures shows either marginal or negative growth.
The bank’s profit for Q1 2020 was hampered by a 16 percent negative growth in Fee and Commission Income, a 42 percent rise in Credit Loss provisioning and a further 12 percent rise in Other Operating Income. The 3 percent and a 123 percent growth in Net Interest Income and Trading Income respectively was however not able to salvage the bottom-line profit of Sterling Bank in Q1 2020.
Here are the highlights of the Q1 2020 results published by Sterling Bank
- Gross Earning down by 7% YonY to N35.92 billion from N35.27 billion
- Net Interest income up by 3% YoY to N15.45 billion from N14.93 billion
- Loan Loss Charges was up by 42% YoY to N1.19 billion from N0.84 billion
- Net Fees and Commission Income down by 16% YoY from N3.48 billion to N2.92 billion
- Net Trading Income down by 123% YonY to N0.98 billion from N0.44 billion
- Other Operating Income up by 11% YoY to N0.62 billion from N0.56 billion
- Staff Cost was up by 5% YonY to N3.52 billion from N3.71 billion
- Other Operating Expenses up by 12% YoY from N4.24 billion to N4.73 billion in Q1 2020
- Profit Before Tax down by 32% YoY to N2.22 billion from N3.27 billion
- Post Tax Profit also down by 36% YonY to N2.07 billion from N3.24 billion in Q1 2019
- Earning Per Share was also down by 36% YonY to 7 kobo from 11 kobo in same period 2019
The Balance Sheet size of Sterling Bank had a marginal 3 months growth for the period ended 31 March 2020.
Total Assets grew 5% to N1.23 trillion in March 2020 from N1.18 trillion in December 2019. Customer Loans and Advances also grew by 2% from N0.62 billion to N0.63 billion as at March 2020.
Customer Deposits grew by 1% to N898 billion from N892 billion, while Total Equity dropped by 3% from N119 billion in December 2019 to N115 billion in Q1 2020.