Sterling Bank Plc, Your one-customer Bank, has reported gross earnings of N57 billion for the half year ended June 30, 2017, representing a growth of 14 percent over the corresponding period of 2016.
Other performance indicators showed that net interest income increased by 5.4 percent to N27 billion against N25.6 billion during the corresponding period of 2016, while operating expenses declined by 1.6 percent to N25.7 billion as against N26.1 billion in 2016, re-affirming the Bank’s commitment to building efficient operations. Overall, the bank’s profit before tax was N4.3 billion, while profit after tax was N3.8 billion.

Commenting on the results, Yemi Adeola, Managing Director/Chief Executive of the Bank said, “We continued to deliver strong top line earnings with a 14 percent growth in gross earnings arising from a 20 percent increase in interest income,” adding that in a bid to re-affirm the Bank’s commitment to building efficient operations, it recorded a 110 basis point improvement in cost-to-income ratio as a result of the reduction in operating expenses.”
He said while net interest margin and asset quality improved by 80 basis points and 250 basis points respectively, the Bank’s capital adequacy and liquidity ratios remain strong and above the regulatory benchmark, at 12 percent and 35 percent respectively.
The Chief Executive also remarked that the Bank maintained its global credit rating from Moody’s (B2) with a stable outlook as a result of a resilient deposit funding base and solid local currency liquidity buffers.
He attributed the rating re-affirmation to improvements in the Bank’s IT infrastructure and risk management processes as well as a growing retail product suite.

In the period under review, the Bank’s loans and advances increased by 11.9 percent to N524 billion from N468.3 billion in December 2016, while customer deposits increased by 4.2 percent to N609 billion compared to N584.7 billion in December 2016. Shareholders’ funds also increased by 10.5 percent to N94.6 billion from N85.7 billion in December 2016, while total assets (excluding contingent liabilities) increased by 14.8 percent to N957.9 billion compared to N834.2 billion in December 2016.

On the prospect for the second half of the year, Adeola said the Bank is committed to sustainable growth of its balance sheet and revenues in a cautious but optimistic manner, adding that risk asset growth strategy will remain focused primarily on the health, agriculture and education sectors.
He said the Bank would also continue to drive its retail business aggressively using technology whilst remaining committed to superior service delivery and value creation for its stakeholders.
Sterling Bank Plc is a leading commercial banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N830 billion in total assets, more than 189 business offices and over 770 ATMs nationwide, Sterling Bank has grown into a major financial institution. The Bank prides itself as ‘Your One Customer Bank’ that celebrates each customer as a unique individual. For further information, please visit