Sterling bank posts N10.3 billion profit

Sterling bank Plc recorded a profit after tax of N10.3 billion in its 2015 operations, against N9 billion achieved in the corresponding period in 2014.

The bank’s audited result for the year ended December 2015 showed a profit after tax of N10.3 billion, representing an increase of 14.3 per cent, over N9 billion achieved in 2014.

The bank’s profit before tax also rose from N10.7 billion to N11.0 billion during the year under review. Non-interest income grew by 13.7 per cent from N25.7 billion in 2014 to N29.3 billion largely due to a 57 per cent increase in trading income. Operating expenses decreased by 1.9 per cent from N50.6billion to N49.7 billion.

The Managing Director/ Chief Executive Officer of the bank, Yemi Adeola while commenting on the outlook for the 2016, said: “We are of the view that the current macro-economic challenges present their own opportunities for agile and dynamic operators. We recognize that re-structuring of the sort that the current Federal Administration is pursuing takes time but like many other Nigerian businesses, we view the pursuit of economic self-reliance as commendable,” giving assurance that: “We remain optimistic for the future but are not under any illusion that the near term operating environment would be more favorable as we expect some policy volatility in the course of the year.

We believe firmly that the future belongs to those who can develop new competences even while retaining the core strengths that have led them to success in the past.
Our desire is to make Sterling Bank one of those.”