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Home Companies Corporate Updates

SunTrust Bank declares 1.5bn profit for 2022 fiscal year

NM Partners by NM Partners
May 2, 2023
in Corporate Updates, Sectors
SunTrust Bank declares 1.5bn profit for 2022 fiscal year
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SunTrust Bank Nigeria Limited, one of Nigeria’s fastest-growing commercial banks has declared a Profit Before Tax of N1.5bn for the year ended December 31st 2022. This is contained in the Bank’s 2022 Audited Financial Result published on the Bank’s website.

This represents a 195.6% growth in the bank’s profit before tax compared to FY 2021 results.

While the Bank’s total assets grew by 94.7% from N67.9bn in 2021 to N132.3bn in 2022, total deposit liabilities grew by 61.8% from N50.8bn in 2021 to N82.2bn exit 2022. In the same vein, the Bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, representing a 514% growth.

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Speaking to journalists recently at the Bank’s Victoria Island Head Office, the Bank’s Managing Director and Chief Executive Officer, Hajiya Halima Buba, pointed out that the Bank’s success in the past year can be attributed to paying attention to customer needs in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers aspirations.

She also expressed gratitude to the Board of Directors, Management and the customers who have kept faith with the Bank in the past years.

She further reiterated the Bank’s commitment to further deepen mutually beneficial relationships with customers, in view of delivering excellent banking services and living up to the Bank’s ambition of becoming the retail bank of choice within the shortest possible time.

SunTrust Bank started commercial banking operations in 2016, after securing the Central Bank of Nigeria (CBN) banking license 2016 to operate as a regional commercial Bank. Ever since the Bank has consistently provided banking support to a well-diversified spectrum of customers in the last 7 years.

The Bank currently has 5 branches spread across Lagos, FCT, Rivers and Akwa Ibom, and is supported by a growing Agency Banking Network. The Bank is reputed for supporting Micro, Small and Medium Enterprises (MSMEs) with low-interest funding to grow their businesses while also innovating products to cater for the needs of the wider banking population, including medium to large corporations and governments.

SunTrust Bank also offers Sharia-compliant banking products through its dedicated Non-Interest Banking Window.

 


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Tags: CBNSunTrust Bank Nigeria Limited
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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