Sterling Bank Plc, Nigeria’s tier 2 bank has released its 2019 full year financial result. The result shows that the bank’s profit was up by 15% Year-on-Year (YoY) from B9.2bn in 2018. The growth in the banks profit was as a result of an unmatched double digits growth in most of its income lines
The bank saw its Net Interest Income up by 17%, while its Net Fee and Commission Income was also up by 24%. Other Operating Income also had an impressive growth of 11% to deliver a 16% growth in Earning Per Share to the delight of its shareholders.
Highlight of the Sterling Bank Q4 2019 result:
- Gross Earning was up by a margin of 1% from N148.7bn to N150.2bn in Q4 2019
- Net Interest Income up by 17% to N64.7bn from N55.3bn in 2018 Q4
- Net Fee and Commission Income up by 24% from N11.76bn to N14.61bn in Q4 2019
- Net Trading Income was down by 41% from N8.62bn to N5.06bn in Q4 2019
- Other Operating Income was up by 11% to N87.6bn from N78.83bn in Q4 2018
- Credit loss Expense was however flat at N5.84bn
- While Staff Cost was up by 13% from N13.19bn to N14.91bn in Q4 2019
- Other Operating Expenses was also up 8% to N18.1bn from N16.7bn in Q4 2018
- Profit Before Tax was up by 12% from N9.5bn to N10.7bn in Q4 2019
- Profit After Tax was up by 15% from N9.2bn to N10.6bn in Q4 2019
The Balance Sheet of Sterling Bank Plc in the Q4 2019 result also had significant growth percentage except for Loans and Advances to Customer that was down from N621bn to N619bn in Q4 2019.
Total Assets grew by 7% from N1.1trn to N1.18tn, while Deposit from Customers also grew by 17% to N892.7bn and Shareholder’s Equity grew as well by 22% to N119.6bn from N97.8bn in Q4 2018.
The bank has also declared a dividend payment of 3kobo per share for all shareholders whose name appear in ythe register as at May 4 2020