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Sterling Bank records N19.3bn profit in 2022

Sterling Bank Plc has recorded 16.64% growth in its Gross Earning from N150.15 billion posted in 2021 to N175.14 billion, according to its audited financial…

Sterling Bank Plc has recorded 16.64% growth in its Gross Earning from N150.15 billion posted in 2021 to N175.14 billion, according to its audited financial statements for the year ending 31st December 2022.

While Profit before Tax grew by 29.26% to N20.76bn as against N16.06bn posted in 2021, the Profit after Tax grew by 28.43% to N19.29bn from N15.02bn in 2021. The growth in pre-tax profits, it was gathered, was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.

Interest on loans and advances to customers contributed N100.44bn (78.21%) of the total interest income of the group.

Net Interest Income rose by 12.65% to N76.39bn from N67.39bn in 2021 on the back of increasing inflation which the economy continues to struggle with.

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The headline inflation rate rose to 22.04% in March, a 0.13% increase from the 21.91% rate recorded in February, according to the latest report published by the Nigerian Bureau of Statistics (NBS).

The Banks’ Operating Expenses also grew by 13.53% to N16.94bn from N14.92bn in 2021.

Meanwhile, the directors of the bank have proposed a dividend of 15k per share (31 December 2021: 10k per share). The proposed dividend will be presented to shareholders for approval at the next annual general meeting and paid subsequently subject to withholding tax at an appropriate rate.

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