Sterling Bank’s Profit Rose By 20% In 2021

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Sterling Bank Plc on Thursday said its profits for the year ended December 31, 2021, rose by 20.2 per cent.

The Chairman of the bank, Mr. Asue Ighodalo, disclosed this during its Annual General Meeting in Lagos.

He said the bank recorded a net profit of N13.5bn on gross earnings of N142.3bn compared to a net profit of N11.2bn on gross earnings of N135.8bn in the corresponding period of 2020.

These figures represent a 20.2 per cent uptick in profit after tax, and a 4.8 per cent increase in gross earnings respectively.

He said, “During the period, we were consistent with our strategy to drive financial intermediation in high-impact sectors that aligned with our HEART strategy.

Sterling Bank’s Profit Rose By 20% In 2021

“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 build a forward-thinking organisation focused on delivering the best value to our stakeholders.”

Speaking on the performance, the Chief Executive, Sterling, Abubakar Suleiman, said that the year’s success was driven by a growth of 28.5 per cent in non-interest-income and a 51.4 per cent increase in transaction volumes processed significant numbers that illustrate the effectiveness of the bank’s recent digitisation efforts.

Customer deposits grew by 21.7 per cent from the previous year’s numbers, with an improvement 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, optimise our expenses and lending while strengthening our risk management and recovery practices.”