Sterling Bank Plc has announced 20.2 profits for the year ended 31 December 2021. This was disclosed on Thursday by the Chairman of the bank, Mr. Asue Ighodalo during its Annual General Meeting in Lagos.
He announced the bank recorded a net profit of N13.5bn on gross earnings of N142.3bn when compared to a net profit of N11.2bn on gross earnings of N135.8bn on the same date of 2020.
These numbers represent a 20.2% small increase in profit after tax, and a 4.8% increase in gross earnings respectively
Mr. Asue said, “During the period, we were consistent with our strategy to drive financial intermediation in high-impact sectors that aligned with our HEART strategy.
“This enabled us to focus and deliver innovative solutions that enabled our customers to thrive in a dynamic environment. We are unwavering in our commitment to building a forward-thinking organization focused on delivering the best value to our stakeholders.”
Also speaking on the performance, the Chief Executive Officer, Sterling Bank, Abubakar Suleiman, said that the year’s success was moved by a growth of 28.5% in non-interest-income and a 51.4% increase in transaction volumes processed significant numbers that clarify the potency of the bank’s recent digitization efforts.
The customer deposits increased by 21.7% from the earlier year’s numbers, with growth in cost-to-income ratios, despite an increase in operating expenses brought about by foreign exchange inflationary pressures, he said.
Suleiman said, “We will continue to focus on our HEART strategy, optimize our expenses and lending while strengthening our risk management and recovery practices.”
