Sterling Bank reported its 2023 second-quarter results showing pre-tax profits grew by 44.40% year on year, reaching N7.044 billion.
This took half-year pre-tax profits to N11.46 billion versus N8.62 billion in the same period last year.
Key highlights Q2 2023 vs. Q2 2022:
- Interest Income N38.91 billion +29.93% YoY
- Interest Expense; N15. 93 billion +31.04% YoY
- Net interest income; N22.98 billion +36.39% YoY
- Net income on fees and commission; N6.19 billion, +15.21% YoY
- Operating Income N36.87 billion +30.87% YoY
- Credit loss expense on financial assets N2.25 billion +12.30%
- Net operating income after impairment N34.63 billion +32.28% YoY
- Total Expenses N27.54 billion +29.51% YoY
- Profit for the period N6.63 billion +48.26% YoY
- Loans and advances to customers N871.935 billion +18.19%
- Cash and balances with Central Bank of Nigeria N394.859 billion -8.49%
- Total Assets N2.290 trillion +23.26%
- Customers’ deposits N1.513 trillion +13.98%.
Insights:
The growth in pre-tax profit was driven by substantial growth in net interest income, net fees and commission income, and net trading gains.
- Although the bank experienced a growth in pre-tax profit, it recorded a substantial increase of 136% in the impairment charge on loans. This increase directly contributed to the 12.30% growth in credit loss expense on financial assets during the period.
Follow us for Breaking News and Market Intelligence.
with their poor service ko
Sterling number 1 bank service, their serve other customers better than their own customers in funding..