Sterling Bank Plc posts 16% profit growth to N2.39 bln in Q1 2021
Sterling Bank Plc posted 16.01 percent growth in its profit after tax in the first three months of 2021 to N2.39 billion compared with N2.06 billion in the corresponding period of last year.
In a statement, the lender said its profit before tax also rose 12.61 percent to 2.50 billion in the first quarter of the year against N2.22 billion in the same period of last year.
However, gross earnings dropped 5.77 percent to N31.02 billion in the period under review compared with N32.92 billion in the corresponding period of 2020.
Commenting on the financial report, the chief executive of Sterling Bank, Abubakar Suleiman said during the first quarter, the campaign for vaccination bolstering consumer and investor confidence.
“At the macro level, treasury yields, and oil prices retraced towards their historical averages, contributing to reserves accretion and easing the pressure in the foreign exchange markets.
“Riding on the improved operating environment, the bank recorded a year-on-year double-digit growth in profit after tax in the first quarter, aided by a 9.3 percent rise in customer deposits and a 15.6 percent decline in funding cost.
“In furtherance of our transformation agenda, we formally launched our digital commodity marketplace, SABEX.
“This is a product of three years of experimentation and extensive consultation with all key stakeholders and an important component of our strategy to use technology to improve productivity for players across the HEART sectors.
“Overall, we closed with a profit after tax of N2.40 billion in the first quarter of the year, a 16 percent improvement on the corresponding
period in 2020,” Suleiman said.