Sterling Bank Plc, the One Customer Bank and one of the leading tier-2 banks in Nigeria released it Q3 2019 financial result to the public. The result shows a Year-on-Year (YoY) decline in Post-Tax-Profit by 8% to N7.58 billion.
A 66% drop in Trading Income and 56% decline in Other Operating Income were seen to be responsible for the YoY decline in the bottom line position of the bank in Q3 2019. The 19% growth in Net Interest Income and a 30% growth in Fee and Commission Income could not however salvage the profit decline for Q3 2019.
Here are the highlights of the Q3 2019 results released by Sterling Bank Plc.
- Gross Earning down by 1.3% YoY from N114.5 billion to N113 billion in Q3 2019
- Net Interest income up by 19% YoY from N39.8 billion to N47.5 billion in Q3 2019
- Loan Loss Charges up by 8% YoY from N3.6 billion in Q3 2018 to N3.9 billion in Q3 2019.
- Fees and Commission Income up by 30% YoY from N10.8 billion to N14.0 billion in Q3 2019
- Trading Income down by 66% YoY from N5.7 billion to N1.9 billion in Q3 2019
- Other Operating Income down by 56% YoY from N4.5 billion to N1.9 billion in Q3 2019
- Total Operating Expenses up by 11% YoY from N48.7 billion to N53.9 billion in Q3 2019
- Profit Before Tax down by 10% YoY from N8.5 billion to N7.6 billion in Q3 2019
- Post Tax Profit also down by 8% from N8.2 billion to N7.6 billion in Q3 2019
The Earning per Share of Sterling Bank Plc. also decreased YoY by 10% from 29 kobo per share in September 2018 to 26 kobo per share in September 2019.
The Balance Sheet size of Sterling Bank however had an impressive 9 months growth for the period ended 31 September 2019.
- Total Assets up by 9% from N1.1 billion in December 2018 to N1.2 billion in Q3 2019
- Customer Deposits also up by 12% from N760.6 billion to N853.6 billion in Q3 2019.
- Total Equity was also up by 12% from N97.8 billion to N109.5 billion in Q3 2019