Sterling Bank achieved a significant growth of 79% in top-line revenues to N17.2 billion, from N9.7 billion in the corresponding quarter of 2011. This was driven by improvement in interest income, which rose 116% to N13.6 billion. The Bank also achieved double-digit growth in operating income and profit before tax, which rose by 49% and 24% respectively.The monetary policy tightening measures implemented by the CBN throughout 2011 continued to impact negatively on funding costs, which reduced net interest margin to 46%. Subsequent to the completion of the integration of the ETB platform, we have re-aligned our business to deepen customer relationships and enhance market penetration. Our enlarged branch network provides a platform for low cost deposit mobilization, the result of which is evident in the 400 basis point improvement in deposit mix during the period.
Overall, Sterling Bank is well positioned to capture growth opportunities going forward for the rest of 2012 and the Board is confident in our ability to continue to create value for our shareholders.
A PDF of this earnings release may be downloaded here.Corporate ContactsInvestorsYemi OdubiyiM: +234 803 535 0991E: email@example.comAbubakar SuleimanM: +234 803 535 1172E: firstname.lastname@example.orgMedia ContactShina AtilolaM: +234 802 342 3011E: email@example.comAbout Sterling BankSterling Bank PLC is the preeminent investment banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N500 billion in assets and 186 branches nationwide, Sterling Bank has grown into a major financial institution. 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 .Forward-Looking StatementsThis release may contain forward-looking statements which reflect Sterling Bank’s current views with respect to, among other things, the Bank’s operations and financial performance. These forward-looking statements may be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Sterling Bank believes these factors include but are not limited to those described in its Annual Report for the financial year ended December 31, 2011. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Sterling Bank undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise