By Philemon Adedeji
Sterling Bank Plc has released its unaudited full-year 2022 results, reporting a pre-tax profit of N20.06 billion. This represents a 38.63 per cent increase from the N14.47 billion the company reported during the same period in 2021.
The growth in pre-tax profits was driven by increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.
Interest income grew by 15 per cent in 12 months of 2022 to N127.69 billion in 12 months of 2022 from N110.97 billion in 12 months of 2021.
However, Total operating income increased stronger by 19.13 per cent to N115.89 billion in 2022 financial year from N97.13 billion in 2021 financial year.
The group Total operating expenses amounted to N87.25 billion in full year 2022 from N72.83 billion in 12 months of 2021, reflecting a marginal difference of 19.79 per cent.
From the data supplied under the floor of Nigerian Exchange Limited (NGX) the group Net Profit After tax gained a remarkable 37.87 per cent to N18.64 billion in full year 2022 from N13.52 billion in the corresponding period.
Earnings per share (EPS) reported for the period rose significantly to a decent 38.29 per cent from 47 Kobo in 2021 financial year to 65 Kobo achieved in the previous year.