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FY 2015: Sterling Bank Records N10.3b Profit - Business - Nairaland

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FY 2015: Sterling Bank Records N10.3b Profit by aproko247: 11:43am On Mar 22, 2016
Despite the regulatory headwinds and downturn in the Nigerian economy, Sterling Bank Plc recorded growth in virtually all its performance indicators for the year ended December 31, 2015, pushing up profit before tax by 2.5 per cent to N11.0 billion.

Similarly, profit after tax rose by some 14.3 per cent to N10.3 billion due to a higher retention of organic capital compared to the previous period.

During the period, non-interest income grew by 13.7 per cent from N25.7 billion in 2014 to N29.3 billion largely due to a 57 per cent increase in trading income, confirming the efficiency of the lender’s management, operating expenses decreased by 1.9 per cent from N50.6billion to N49.7 billion.

Net interest income however, declined by 8.1 per cent from N43.0 billion to N39.5 billion, driven by an 18.5 per cent increase in interest expense resulting in a 630 basis points reduction in net interest margin to 48.9 per cent.

Commenting on these financial results, Yemi Adeola, the Managing Director/ Chief Executive, stated: “I am pleased to report that we sustained our performance from the previous year driven by an improvement in operating efficiency.

“Cost-to-Income Ratio improved by 140 basis points to 72.2%, Capital Adequacy Ratio stood at a record high of 17.5%, while liquidity buffers remained strong as the Bank grew its After Tax Profit by 14.3%.

“Clearly, our 2015 performance offered a clear validation of the underlying resilience of our business model.

“The very challenging operating environment notwithstanding, we managed to and continue to maintain a delicate balance between delivering on near term goals and laying the foundation for the future that we see – one where our customers enjoy the experiences that we create together, which in turn becomes the basis for our long term profitability.

“Asset quality remained resilient with Non-Performing Loans (NPL) below the maximum regulatory threshold of 5% despite a significant reduction in the loan book, arising from the replacement of state government loans with federal government bonds.

“We also maintained a very liquid balance sheet position despite the implementation of the Treasury Single Account (TSA) by the FGN. This outcome reflects some initial progress with the retail funding strategy and further supports the material investments that we are making in this area.

Commenting on the outlook for the 2016, Yemi Adeola observed: “We are of the view that the current macro-economic challenges present their own opportunities for agile and dynamic operators.

“We recognize that re-structuring of the sort that the current Federal Administration is pursuing takes time but like many other Nigerian businesses, we view the pursuit of economic self-reliance as commendable.

“Consequently, we remain optimistic for the future but are not under any illusion that the near term operating environment would be more favourable as we expect some policy volatility in the course of the year. There is clearly ‘a new normal’ and the future will belong to those who can develop new competences even while retaining the core strengths that have led them to success in the past. Our desire is to make Sterling Bank one of those.”

http://www.aproko247.com/2016/03/22/fy-2015-sterling-bank-records-n10-3b-profit/

2 Likes

Re: FY 2015: Sterling Bank Records N10.3b Profit by fleshbone(m): 1:53pm On Mar 22, 2016
Maybe Sterling Bank has now engaged themselves in APC propaganda. Lols!


My first FTC.

To my friend below, Sorry Mate, I took the spot.

5 Likes 1 Share

Re: FY 2015: Sterling Bank Records N10.3b Profit by Musharraf: 1:53pm On Mar 22, 2016
FTC...
Space for Sale
Re: FY 2015: Sterling Bank Records N10.3b Profit by tunwumi: 1:54pm On Mar 22, 2016
Where is my share?

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by puresoul1(m): 1:54pm On Mar 22, 2016
Musharraf:
FTC...

Space for Sale
lwkmd
Re: FY 2015: Sterling Bank Records N10.3b Profit by Nobody: 1:54pm On Mar 22, 2016

16 Likes 2 Shares

Re: FY 2015: Sterling Bank Records N10.3b Profit by Kyase(m): 1:54pm On Mar 22, 2016
Hmm all this account language sef.
If I say I understand wetin dem talk there na lie I go dey lie, anyway e good

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by Jayceo(m): 1:54pm On Mar 22, 2016
Thats great then..big ups sterling

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by kennyman2000(m): 1:55pm On Mar 22, 2016
Hmmmmm
Re: FY 2015: Sterling Bank Records N10.3b Profit by donsax: 1:55pm On Mar 22, 2016
Yea, why won't they record so much profit, when they buy $ #197 and sells #345...what business is more profitable than that?
Useless cbn and useless government.

21 Likes 2 Shares

Re: FY 2015: Sterling Bank Records N10.3b Profit by Nobody: 1:55pm On Mar 22, 2016
tongue tongue
Re: FY 2015: Sterling Bank Records N10.3b Profit by muller101(m): 1:55pm On Mar 22, 2016
Some people account for that bank be like UTME score.

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by ShitHead(m): 1:56pm On Mar 22, 2016
After illegal charges. That's not profit...that's robbery.

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by Nobody: 1:56pm On Mar 22, 2016
Apparently, Sterling Bank pales in comparison to GTBank, Access, UBA et al with their recently published results, but nice to know they've grown from last year in terms of their PBT and PAT, in an era of profit warning from Diamond Bank and the likes grin

4 Likes

Re: FY 2015: Sterling Bank Records N10.3b Profit by Saintbonnie(m): 1:57pm On Mar 22, 2016
Happy for them
Re: FY 2015: Sterling Bank Records N10.3b Profit by Aromas: 1:57pm On Mar 22, 2016
For any company or corporate organization to succeed, it need a good team. Fist Bank oya roll out ur own make we see.

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by Fogman(m): 1:58pm On Mar 22, 2016
It is expected with the massive success of their open an account and win a Lenovo phone promo

4 Likes

Re: FY 2015: Sterling Bank Records N10.3b Profit by Igwe9(m): 1:58pm On Mar 22, 2016
Before nko, all the illegal deductions and turn over on forex
Re: FY 2015: Sterling Bank Records N10.3b Profit by Nobody: 1:59pm On Mar 22, 2016
donsax:
Yea, why won't they record so much profit, when they buy $ 197 and sells 345...what business is more profitable than that?

Actually that's not so much profit, compared to other banks
Re: FY 2015: Sterling Bank Records N10.3b Profit by Nobody: 1:59pm On Mar 22, 2016
Jonathan's initiatives. grin


In wailing zombies voice.

2 Likes 1 Share

Re: FY 2015: Sterling Bank Records N10.3b Profit by seunlayi(m): 1:59pm On Mar 22, 2016
Nice

2 Likes

Re: FY 2015: Sterling Bank Records N10.3b Profit by godoluwa(m): 2:01pm On Mar 22, 2016
DAYLIGHT ROBBERS
Re: FY 2015: Sterling Bank Records N10.3b Profit by Abeyjide: 2:01pm On Mar 22, 2016
why wont they make such profit,with all their abnormal,excess and hidden charges.nigeria banks are not helping the economy @ all.
Re: FY 2015: Sterling Bank Records N10.3b Profit by juman(m): 2:01pm On Mar 22, 2016
Hiss.

Ojo marina fese gungo kibe maseje.

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by Jacko1(m): 2:01pm On Mar 22, 2016
Lets see how profit wil be for the year ended dec 2016
Re: FY 2015: Sterling Bank Records N10.3b Profit by ogwomba(m): 2:02pm On Mar 22, 2016
donsax:
Yea, why won't they record so much profit, when they buy $ #197 and sells #345...what business is more profitable than that?
Useless cbn and useless government.

and their extra charges
Re: FY 2015: Sterling Bank Records N10.3b Profit by Pavore9: 2:04pm On Mar 22, 2016
I guess proceeds from round tripping is part of it! angry
Re: FY 2015: Sterling Bank Records N10.3b Profit by orijintv(m): 2:09pm On Mar 22, 2016
Profits Or Illegal Bank/Atm Charges ? Oshi People

1 Like

Re: FY 2015: Sterling Bank Records N10.3b Profit by EKEMIL: 2:11pm On Mar 22, 2016
How did they achieve this with just a single customer? Thought they are the one customer Bank..

3 Likes

Re: FY 2015: Sterling Bank Records N10.3b Profit by Nobody: 2:14pm On Mar 22, 2016
STERLING BANK? 10BN PROFIT? HOW?HAVE THEY BEEN SELLING OFF THEIR BRANCHES?

3 Likes

Re: FY 2015: Sterling Bank Records N10.3b Profit by IkennaBasilJR(m): 2:14pm On Mar 22, 2016
wow! check my signature
Re: FY 2015: Sterling Bank Records N10.3b Profit by haykay2005: 2:16pm On Mar 22, 2016
Profit on paper

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