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Sterling Bank posts N9.9b profit, holds AGM

Sterling Bank posts N9.9b profit, holds AGM

Sterling Bank on the heels of an improved performance has concluded all plans to hold its annual general meeting in Lagos where its shareholders will approve the banks’ 2014 audited financial report and accounts.

Key extracts of the audited report and accounts for the period under review released last week by the Nigerian Stock Exchange (NSE), showed appreciable growth in all key performance indices, sustaining the strong performance outlook of the lender in spite of industry-wide headwinds.

For instance, the bank announced gross earnings of N103.7 billion and a profit before tax of N10.7 billion, an increase of 13 percent and 15.4 percent over its 2013 figures respectively.

Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by an 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds dropped from 6.1 per cent in 2013 to 5.3 percent in 2014.

Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by an 82.2 per cent growth in net trading income to N6.8 billion.

The bank continued to strengthen its mid and bottom-line performances as its increasing focus on cost reduction credit risks management and operating efficiency cushioned macro headwinds and retained value for shareholders.

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