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Home»Business»Sterling Bank records growth in Q3 gross earnings
Business

Sterling Bank records growth in Q3 gross earnings

The Eagle OnlineBy The Eagle OnlineOctober 26, 2017No Comments
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Sterling Bank Plc has recorded sustained growth in earnings with 19 per cent increase in gross earnings for the third quarter ended September 30, 2017.
The bank in a result declared on the Nigerian Stock Exchange on Thursday said that the gross earning was boosted by 48.9 per cent increase in non-interest income.
The bank’s gross earnings rose to N94.6 billion against N79.7 billion recorded during the corresponding period of 2016.
Other performance indicators showed that non-interest income grew by 48.9 per cent to N16.0 billion in contrast with N10.8 billion in the third quarter of 2016.
Commenting on the bank’s performance, Yemi Adeola, the bank’s Managing Director, said that the bank, during the period, sustained its earnings growth momentum with an 18.8 per cent growth in gross earnings boosted by a 48.9 per cent increase in non-interest income.
Adeola said that the bank’s strategy built on efficient operations and sustainable growth of its balance sheet in a cautious but optimistic manner, continued to deliver results.
According to him, despite the persistent inflationary pressures, cost-to-income ratio improved by 140 basis points driven by a moderation in operating expenses, thereby enabling the bank to record significant improvement in asset quality with a 380-basis point reduction in non-performing loan ratio.
He also said that the bank continued to diversify its funding base leading to a 147.6 per cent increase in long-term funding and that overall profit before tax rose by 8.1 per cent to N6.6 billion.
Adeola added that annualised pre-tax return on average equity improved by 50 basis points to 9.6 per cent.
He said: “As economic recovery gains momentum, we are well positioned to respond to emerging opportunities in education, health and transportation sectors.
“Our existing collaboration with pioneering technology companies in these sectors has started yielding results and this will provide a springboard for growth in 2018.”
However, further analysis of the bank’s result showed that net operating income increased by 0.5 percent to N45.3 billion compared with N45.1 billion in 2016.
Operating expenses however moderated by 0.6 per cent to N38.8 billion against N39 billion in 2016.
Its profit before tax rose by 8.1 per cent to N6.6 billion as against N6.1 billion in 2016, while profit after tax also appreciated by 7.3 per cent to close the quarter at N5.9 billion compared with N5.5 billion in 2016.
The bank’s financial ratios indicated that pre-tax return on average equity of 9.6 percent compared with 9.1 per cent in 2016.
Its post-tax return on average equity was 8.6 per cent against 8.3 per cent in 2016, while earnings per share rose to 21k in 2017 from 19k in 2016.
Sterling Bank’s non-performing loan ratio dropped to 6.1 per cent in 2017 from 9.9 per cent in 2016, while capital adequacy ratio increased to 11.4 per cent in 2017 from 11.2 per cent in 2016.
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