Key Highlights
- Net Interest Income rose by 12.65% to N76.39 billion from N67.81 billion in 2021
- Profit After Tax was up 28.43 to N19.29 billion from N15.02 billion in 2021.
- Other Operating Expenses grew by 14.92% to N16.94 billion from N14.92 billion in 2021.
Sterling Bank Plc has announced the release of its audited financial statements for the year ending 31st December 2022.
The Group’s Gross Earnings were up 16.64% to N175.14 billion from 150.15 billion posted in 2021, driven by strong growth in interest income.
Profit before Tax grew by 29.26% to N20.76 billion as against N16.06 billion posted in 2021.
According to the bank’s financial report, Net Interest Income rose by 12.65% to N76.39 billion from N67.39 billion in 2021.
This is on the back of increasing inflation which the economy continues to struggle. The headline inflation rate rose to 22.04% in March, a 0.13% increase from the 21.91% rate recorded in February, according to the latest report published by the Nigerian Bureau of Statistics (NBS).
The report said the increase was buoyed by the jump in prices of food, housing, fuel, and gas, among others. The figure shows a consistent increase in the inflation rate for the last two years.
On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022 which was 15.92%.
Sterling Banks’ Operating Expenses grew by 13.53% to N16.94 billion from N14.92 billion in 2021.
In accordance with the provisions of Section 426 of the Companies and Allied Matters Act 2020, the Directors proposed a dividend of 15k per share (31 December 2021: 10k per share. The proposed dividend will be presented to shareholders for approval at the next Annual General Meeting and paid subsequently subject to withholding tax at an appropriate rate.
Gross earnings
- 2022 FY: N175.14 billion
- 2021 FY: N150.15 billion
- Change: +16.64%
Net interest income
- 2022 FY: N76.39 billion
- 2021 FY: N67.81billion
- Change: +12.65%
Operating Expenses
- 2022 FY: N16.94 billion
- 2021 FY: N14.92 billion
- Change: +13.53%
Pre-tax profit
- 2022 FY: N20.76 billion
- 2021 FY: N16.06 billion
- Change: +29.26%
Net Profit after tax
- 2022 FY: N19.29 billion
- 2021 FY: N15.02 billion
- Change: +28.43%
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. Interest on loans and advances to customers contributed N100.44 billion or 78.21% of the total interest income realized by the group.
