Sterling Bank Grows 9-Month Net Profit By 38.95%

Sterling Bank Plc, on Tuesday presented its unaudited financials for the nine-month ended September 30, 2018, indicating double-digit rise in earnings and other measurement parameters.
Gross earnings rose for example by 21.09% from N94.65bn in the corresponding period of 2017 to N114.61bn; helped mainly by the N93.6bn interest income, which rose N78.63bn, representing a 19.03% notch; just as interest expense climbed 28.94% from N41.69bn to N53.76bn.
Net interest income rose 7.84% from N36.94bn to N39.83bn; even as loan impairment charges fell by 52.63% to N3.62bn from N7.63bn; just as fee and commission income rose 19.4%from N9.04bn in 2017 to N10.79bn.
Other income stood at N4.5bn, as against the previous N4.56bn; general and administration expenses increased 60.97% from N11.09bn to N17.85bn; personnel expenses increased by 13.19% from N8.66bn to N9.8bn. Depreciation and amortization recorded 15.47% increase from N3.63bn to N4.19bn; other operating expense stood at N11.51bn from N11.34bn.
Other property and equipment cost increased by 33.18% to N5.39bn from N4.04bn; net impairment on financial assets recorded a 52.63% slide from N7.63bn to N3.62bn; following which profit before tax climbed 29.54% to N8.5bn from N6.56bn.
After tax profit increased by 38.95% from N5.91bn in 2017 to N8.21bn, translating to Earnings Per Share of 28 kobo.