• Gross earnings rose 21% to N28.0 billion from N23.1 billion in the comparable period of 2010
• Interest income rose 28% to N19.4 billion from N15.3 billion in the comparable period of 2010, feeding through a 37% improvement in Net Interest Margins
• Operating income rose 32% to N18.1 billion from N13.7 billion in the comparable period of 2010
• Operating expenses increased 16% to N13.8 billion from N11.9 billion resulting from inflationary pressures during the period
• Profit before Exceptional Item grew 91% to N2.9 billion from N1.5 billion in 2010, while Profit after Tax stood at N3.7 billion.
• Total Assets grew by 13% to N314.0 billion from N277.1 billion in December 2010
• Deposits increased 11% to N225.1 billion from N203.1 billion in December 2010
• Net Loans & Advances (including Advances under Finance Lease) grew 28% to N132.9 billion from N103.7 billion in December 2010
• Net Interest Margin of 51% (47% in 3Q 2010)
• Annualized Return on Average Equity of 18% (30% in 3Q 2010)
• Net Loan-to-deposit of 64% (63% in December 2010)
• Non-performing Loans Ratio of 3.9% (11.5% in December 2010)• Liquidity Ratio of 58% (47% in December 2010)
• Capital Adequacy Ratio of 16% (13% in December 2010)
Sterling Bank PLC is the preeminent investment banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N300 billion in assets and 95 branches nationwide, Sterling Bank has grown into a major financial supermarket offering investment banking, commercial banking, asset management, stock broking, insurance, and registrar services. The Bank prides itself as the ‘One Customer Bank’ that celebrates each customer a unique individual.
For further information, please visit http://www.sterlingbankng.com.