Sterling Bank Plc posted modest growths in the first half with 12 per cent growth in the top-line and 6.9 per cent increase in net profit.
Key extracts of the interim report and accounts for the half year ended June 30, 2015 released on Thursday, January 7, at the Nigerian Stock Exchange (NSE) showed steady growth in key performance indices, underlining the resilience of the bank against inclement operating environment and regulatory headwinds.
Gross earnings leaped by 12 per cent to N55 billion in first half of 2015 as against N49.39 billion in corresponding period of 2014.
The top-line was driven by a 32.2 per cent increase in non-interest income to N15.2 billion from N11.4 billion reported in the corresponding period of 2014.
Profit before tax inched up by 1.43 per cent from N5.97 billion to N6.06 billion. Profit after tax rose by 6.9 per cent to N5.4 billion in first half 2015 as against N5.1 billion in comparable period of 2014.
Further analysis showed that operating expenses was relatively flat at N24.2 billion leading to an improvement in cost –to-income ratio.
The bank’s balance sheet also came in stronger with shareholders’ funds increasing by 4.4 per cent to N88.4 billion as against N84.7 billion in 2014.
Total assets , excluding contingent liabilities, increased by 1.2 per cent to N834.0 billion as against N824.5 billion in 2014.
