Sterling Bank Plc, the one customer bank has reported a 5 percent increase in its Net Profit for the first quarter of 2019. The tier two lender grew both its top and bottom lines in Q1, 2019 over the figures for the same period in 2018 financial year.
The one customer bank’s quarter 1, 2019 report follows the same growth partners seen in the four banks namely Zenith Bank, GTBank, Access Bank and UBA that has released their first quarter 2019 reports so far. All the banks except Zenith Bank grew their top and bottom lines on all fundamentals but Loan and Advances.
- The tier 2 financial institution recorded a 5% growth in its Q1, 2019 After Tax Profit from N3.1 billion in Q1, 2018 to N3.2 billion
- Sterling Bank increased its Net Interest Income by 21% from N1.2.4 billion in Q1, 2018 to N14.9 billion in Q1, 2019.
- Net Fee and Commission grew by 30% from N3.6 billion in Q1, 2018 to N4.7 billion in Q1, 2019.
- Profit Before Tax also grew by 3% from N3.2 billion in Q1, 2018 to N3.3 billion in Q1, 2019.
- Asset Base rose Q on Q to N1.13 trillion in March 2019 from N1.10 trillion in December 2018, representing 3 percent rise.
- Customer Deposit also increased to N783 billion in Q1, 2019 from N761 billion in FY 2018 end, an rise of 3 percent
- Loan to customer however dropped by 0.4 percent from N621 billion in Q4, 2018 to N618 billion as at end of March 2019.
- Sterling’s Shareholders Funds increased by 10 percent to N108 billion compared to N104 billion in December 2018.