Sterling Bank grows profit by 29%

Sterling Bank’s profit after tax rose by 28.5 per cent    to N19.3bn as of the end of December 31, 2022 from N15billion in the corresponding period of 2021 financial year.

The bank disclosed this in a statement on its earnings on the Nigerian Exchange.

Sterling’s assets grew by 14.4 per cent to end 2022 with N 1.86tn, from N1.62tn at the end of 2021.

Also, its gross earnings for the period jumped by 16.6 per cent to N175 billion from N150 billion recorded in 2021.

The bank also reported an increase in customers’ deposits in 2022 of N1.33 trillion, a 9.8 per cent increase.

It closed its net operating income at N108 billion, a 20.9 per cent increase compared to 2021’s figure of N89bn.

Reflecting on the year’s performance, the Chief Executive of Sterling Bank, Abubakar Suleiman, said, “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally.

“These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our environment and continued to deliver value.”

In 2022, the bank, among other achievements, was named as the ‘Best Bank In Nigeria’ by an independent survey conducted by Afrinvest; it won the prestigious ‘Great Place To Work Award’ for the fifth consecutive year; and won the football championship of the ‘Nigerian Bankers’ Games.’

The statement said, “The bank has maintained and increased momentum in 2023 with her citation as ‘Africa’s Most Valuable Commercial Bank Brand’ for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, having been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023, and most recently, has debuted as one of the top 100 fastest growing companies in Africa by the Financial Times.”