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Home Markets Equities Company Results

Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022

Chris Ugwu by Chris Ugwu
January 31, 2023
in Company Results, Markets
Sterling Bank responds to allegations of cash hoarding following ICPC report

Abubakar Suleiman, Managing Director/Chief Executive Officer of Sterling Bank

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Sterling Bank Plc has released its unaudited full-year 2022 results, reporting a pre-tax profit of N20.06 billion. This represents a 38.63% increase from the N14.47 billion the company reported during the same period in 2021.

See the key details of the financial report below.

Interest income   

2022 FY: N127.69 billion

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2021 FY: N110.97 billion

Change: +15%

Total operating income  

2022 FY: N115.89 billion

2021 FY: N97.13 billion

Change: +19.13%

Total operating expenses 

2022 FY:  N87.25 billion

2021 FY: N72.83 billion

Change: +19.79%

Pre-tax profit 

2022 FY: N20.06 billion

2021 FY: N14.47 billion

Change: +38.63%

Net Profit after tax

2022 FY: N18.64 billion

2021 FY: N13.52 billion

Change: +37.87%

Earnings per share

2022 FY: 65 kobo

2021 FY: 47 kobo

Change: +38.29%

Bottom line: The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.


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Tags: Sterling bank
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

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