Sterling Bank Plc forecasts N2.09 billion PAT in Q1 2021

Sterling Bank Plc has projected a rise in its Profit After Tax (PAT) to N2.09 billion for the first quarter of 2021 (Q1 2021), indicating a marginal increase of 7.1%, from the figure recorded in Q3 2020.

This is according to the latest earnings forecast of the firm, sent to the Nigerian Stock Exchange market.

Key highlights of the earnings forecast for Q1 2021

Pre-tax profit is projected to decline to N2.28billion, -3% Q-o-Q.
Interest income is projected to decline to N28.03 billion, -4.1% Q-o-Q.
Interest expenses is projected to decline to N10.3 billion, -23.7% Q-o-Q.
Net operating income after credit impairment charges is projected to increase to N22.38 billion, +17.3% Q-o-Q.
Operating expenses is projected to increase to N20.1 billion, +20.1% Q-o-Q.

Others

Gross Earnings is projected at N34.94 billion.
Taxation is projected at N182 million.
Credit impairment charges are projected at N2.26 billion.
Net cash generated from operating activities is projected at N11.7 billion.
Net revenue from funds is projected at N17.7 billion.

Bottom line

The conservative outlook follows a series of not too impressive results posted by the firm, especially in the last nine (9) months as reported by Nairametrics.