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Sterling Bank profit hits N5.92bn

19 July 2013, 10:01

Lagos, July 19, 2013 (NAN) Sterling Bank Plc has announced a profit after tax of N5.92 billion for the half year ended June 30, the News Agency of Nigeria (NAN) reports.

This is contained in a statement signed by Mr Yemi Adeola, the bank’s Managing Director in Lagos on Thursday.

The News Agency of Nigeria (NAN) reports that the profit after tax represented a growth of 96.7 per cent when compared with N3.01 billion declared in the comparative period of 2012.

The statement said profit before tax rose by 93.5 per cent to N6.27 billion, against the N3.24 billion recorded in the corresponding period of 2012.

"Also, gross earnings grew by 28 per cent to N41.86 billion from N32.68 billion achieved in 2012.

"Interest income appreciated by 18 per cent to N31.08 billion against N26.34 billion posted in 2012.

"Its net interest income inched by 27 per cent to N15.17 billion in 2013 as against N11.96 billion in the comparable period of 2012,’’ it said.

The statement quoted Adeola as saying the performance was a reflection of the stability and growth potential of its business strategy.

He added that the bottom-line performance was driven by the bank’s growing brand acceptability and customers’ deposit as well as efficient cost and risks management.

"Over the next six months, our priority is to accelerate our $400 million capital-raising programme, which commenced with overwhelming support from our shareholders for the on-going rights issue of N12.5 billion (about $80 million).

"The next phase of the programme includes a $120 million private placement and subsequently, a $200 million multi-currency tier 2 capital-raising exercise.

"We remain optimistic that our capital plans will be achieved to enable us drive business growth, while delivering superior returns to our shareholders,” Adeola said in the statement.

 - NAN


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