Sterling Bank posts net interest income of N47.53bn in three months

Sterling Bank Plc posted net interest income growth of N47.53 billion for the third quarter ended Sept. 30, 2019.

The net interest income represented a growth of 19.3 per cent when compared with N39.83 billion recorded in the corresponding period of 2018.

The bank, in a statement in Lagos, on Tuesday, said that the double-digit net interest income growth was driven by 200 per cent growth in its retail and consumer loans portfolio.

It stated that Specta, the bank’s innovative digital lending platform, supported this growth with volumes averaging N8 billion per month, reaching over 40,000 individuals as at Q3, 2019.

Commenting on the financial performance, Mr Abubakar Suleiman, the bank’s Chief Executive Officer, said that the performance was due to strategic decisions and investment in focus areas.

“Our performance continues to reflect positive results of strategic decisions and investments in our focus areas.

“We recorded significant improvement in transaction led revenue and our funding base riding on adoption of digital channels.

“Going into the final quarter, we will continue to take a customer-centric approach to achieving growth and enhance our digital capacity to further support the business, while remaining focused on exceeding our performance in the previous year,” he said. (NAN)