Sterling Bank Plc has reported a Profit Before Tax figure of N4.58 billion for the fourth quarter of 2020 (Q4, 2020), compared to N3.02 billion recorded Q4 2019, which indicates an increase of about 52% Y-o-Y.
This is according to the bank’s recent financial statement made available on the Nigerian Stock Exchange platform and seen by Nairametrics.
The bank had earlier posted a 4.88% increase in its Profit before Tax figures for the nine-month period ended September 2020. In this light, the recent PBT figure is seen as a major improvement and consolidation to the previous figure.
Other key highlights of the Q4 2020 result are;
- Net interest income increased to N18.3 billion due to a drastic reduction in interest expense, +6.5% Y-o-Y.
- Profit After Tax increased to N4.33 billion, +43.1% Y-o-Y.
- Net fees and commission income rose to N5.22 billion, +32.13% Y-o-Y.
- Net trading income increased to N4.99 billion, +59.5% Y-o-Y.
- Other operating income declined to N179 million, -85.6% Y-o-Y.
- Personnel expenses rose to N3.69 billion, +0.5% Y-o-Y.
- Total expenses declined to N20.41 billion, -0.7% Y-o-Y.
- Earnings per share increased to N0.41k in FY 2020, +10.8% Y-o-Y
- Loans and advances to customers marginally declined to N617.6 billion in FY 2020,-0.2% Y-o-Y
- Deposits from customers increased to N951.4 billion in FY 2020, +6.6% Y-o-Y.