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Sterling Bank Plc records 3.28% decline in 2020 9M gross earnings

Sterling Bank Plc recorded increased revenues from two of its earnings-generating units – trading income and other operating income.

Published

3 months ago

November 19, 2020

Adeyemi Adebayo

Sterling Bank Plc reported gross earnings of N160.07 billion in 2020 9M compared to N109.66 billion same period in 2019 – a decline of 3.28%.

Key highlights for 2020 9M

Gross earnings declined to N160.07 billion, -3.28% YoY
Interest income declined to N88.69 billion, -6.72% YoY
Net fees and commission income from interest income declined to N7.87 billion, -26.21% YoY
Net trading income increased to N7.05 billion, +264.72% YoY.
Other operating income increased to N2.46 billion, +23.89% YoY
Total expenses declined to N48.87 billion, -3.33% YoY.
Pre-tax profits increased to N8.02 billion, +4.88% YoY.
Earnings Per Share remained 26 kobo, +0% YoY.

Bottom Line

Sterling Bank Plc recorded increased revenues from two of its earnings-generating units – trading income and other operating income. Gross earnings, however, declined in the period under consideration.

Notwithstanding the decline in gross earnings, pre-tax profits increased, thanks to reduced total expenses. The 3.33% decline in total expenses amounting to N1.69 billion in conjunction with the massive increase from trading and operating income catered for the decline and ensured the company reported increased pre-tax profits.

Related Topics:revenues Sterling Bank Plc

Adeyemi Adebayo

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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See link to results here

Nairametrics

Sterling Bank Plc records 3.28% decline in 2020 9M gross earnings

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Sterling Bank Plc records 3.28% decline in 2020 9M gross earnings

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Nairametrics | Company Earnings