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

 https://investdata.com.ng/2018/10/sterling-bank-grows-9-month-net-profit-by-38-95/#more

Comments

Post a Comment

Popular posts from this blog

Wherever You are NOW is Your Decision

-
Image
                                        Photo credit: entrepreneurfail According to research, very few people are successful at anything at first. I included. The reason only a tiny percentage of the population achieves any significant success or wealth through stock is that few are willing to go through the process of what it takes to achieve in the stock market, and there is no shortcut. In fact, everybody has to go through four levels of learning every single time, and often, in the process - fail, regroup and begin again. Most people blame others like government policies, currency fluctuation, political instability, the election for stopping their progress, but in truth, there's only one person who can put on the parking break and that person is YOU. Furthermore, many people drive around with the break on without knowing it, or once awareness arrives, don't know how to lif...
Read more

Rebound Likely On NGSE, As Investors Position For Q2 Earnings Season

-
Image
Market Update for Week Ended July 13 and Outlook for July 16-20 A deeper look into the performance of Nigeria’s stock market and the happenings in the socio-political environment, particularly the crisis of confidence remains the major driver of the prolonged downturn. This began with profit booking that dovetailed into sell-offs that dominated the markets as revealed by the recent price action in major asset classes, economic data, price movers and volume traded. The two weeks of consecutive decline in the second half of the year, ahead of Q2 earnings reporting season was due to the political tension in the weeks leading to the July 14, 2018 Ekiti State governorship election. Add this to the insecurity in the middle-belt region, where herdsmen are sacking farmers with the government seemingly complacent and helpless. With the Ekiti State governorship election over and Dr. Kayode Fayemi declared duly elected, that of neighbouring Osun State would follow in the coming month, a...
Read more

FINAL NOTICE TO DEPOSITORS OF TWENTY (20) BANKS (IN-LIQUIDATION)

-
Image
  The Nigeria Deposit Insurance Corporation (NDIC), the official Liquidator of the underlisted defunct banks (in-liquidation), hereby notify the general public of the final call for dividend declaration to Depositors of these banks. Depositors who do not establish their claim to the satisfaction of the Director, Claims Resolution Department within 21 days from the date of this publication will have their claims expunged and the Director, Claims Resolution Department shall proceed to make a final dividend payment without regard to such claim. S/N BANK NAME STAKEHOLDER 1 ABC Merchant Bank Limited Depositors 2 Allied Bank of Nigeria Depositors 3 Alpha Merchant Bank Plc Depositors 4 Amicable Bank of Nig. Limited Depositors 5 Commerce Bank Depositors 6 Commercial Trust Bank Limited Depositors 7 Continental Merchant Bank Plc Depositors 8 Cooperative & Commerce Bank plc Depositors 9 Eagle Bank Depositors 10 Financial Merchant Bank Limited Depositors 11 Icon Limited (Merchant Bank) Dep...
Read more