Sterling Bank Plc has announced its results for the half year (H1) ended June 30, 2018, showing higher profits.
A breakdown of the results indicated that the bank’s profit after tax (PAT) grew by 63 per cent.
The bank Plc recorded gross earnings of N77.637 billion, up 34 per cent from N57.1017 billion posted in the corresponding period of 2017.
Net interest income (NII) fell from N27.018 billion to N25.547 billion, while fees and commission income rose from N5.902 billion to N6.896 billion.
Credit loss reduced from N4.081 billion to N1.844 billion, while total expenses increased from N25.676 billion to N32.388 billion.
Despite the increase in expenses, Sterling Bank Plc ended the H1 with profit before tax of N32.388 billion, up from N4.334 billion to N6.388 billion showing an increase of 48 per cent. PAT grew faster by 63 per cent from N3.802 billion to N6.214 billion in 2018.
On the other hand, FBN Holdings Plc profit went up by 13.7 per cent. FBN Holdings Plc posted gross earnings of N293.3 billion in 2018, up from N288.8 billion. NII fell from N164.1 billion to N149.6 billion, while non-interest income rose from N50.5 billion to N61.3 billion. Impairment charges fell by 15.4 per cent from N62.4 billion to N52.8 billion.
