Sterling Bank Plc released its full-year 2020 interim results
Net Interest Income after adjusting for loans impaired is N54 billion vs N58.8 billion in 2019 (-8% YoY).
Operating income of N81.8 billion vs N81.7 billion YoY.
Operating expenses also fell 3% to N69.2 billion.
The bank reported a profit after tax of N11.69 billion in 2020 compared to N10.6 billion a year earlier, (+10.30% YoY)
Earnings per share for the period under review is 41 kobo from 37 kobo, (+10.81% YoY)
Customer deposits of N951.3 billion vs N892.6 billion, (+6.6% YoY)
No dividend announcement was made in their press release.
The company share price of N1.90 as of when the result was released. It is down 7.62% year to date.
Bottom Line: Sterling Bank is close to hitting N1 trillion in deposits and will probably hit this benchmark in the first quarter of the year. This suggests most of its initiatives towards driving customer deposits have paid off.