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Sterling Bank forecasts N3.2 billion PBT for Q4

By Editor
27 September 2021   |   3:58 am
Sterling Bank Plc has projected a profit before tax (PBT) of N3.2 billion on gross earnings of N40.19 billion for the fourth quarter ending December 31, 2021.

Sterling Bank Plc has projected a profit before tax (PBT) of N3.2 billion on gross earnings of N40.19 billion for the fourth quarter ending December 31, 2021.

Head, Finance and Performance Management, Adebimpe Olambiwonnu, disclosed this in the bank’s earnings projection sent to NGX Limited.

She said the lender also hoped to earn an interest income of N30.8 billion and an interest expense of N9.1 billion.

This will earn the bank a net interest of N21.63 billion.

According to her, the bank is also targeting commissions and fees of N5.3 billion, recovering income of N874.2 million as well as other income of N3.2 billion, thereby bringing total other operating income to N9.433 billion.

Olambiwonnu said the bank’s estimated total operating expense for the quarter would be N27.814 billion, made up of staff expenses of N7.73 billion, impairment charges of N2.3 billion and operating expenses of N17.83 billion.

As at second quarter ended June 30, 2021, Sterling Bank reported a profit after tax (PAT) of N5.6 billion which was achieved on gross earnings of N68.609 billion, representing 5.1 per cent growth in net profit.

The bank’s net interest income also appreciated by 2.6 per cent to close at N30.99 billion compared with N30.2 billion for the corresponding period of 2020 while net fees and commission income rose significantly by 57.7 per cent to finish the first half of the year at N8.368 billion as against N5.31 billion on June 30, 2020.

Sterling Bank’s cash and balances with the Central Bank of Nigeria (CBN) was N331.75 billion as of June 30, 2021, as against N303.31 billion during the corresponding period in 2020 while loans and advances to customers grew to N646.88 billion as at the first half of this year from N596.83 billion during the corresponding period of last year.