Sterling Bank Plc is targeting to achieve N50.487 billion in gross earnings for the third quarter of 2022.
In its Q3 earnings forecast, obtained from the Nigerian Exchange Limited (NGX). It projected the bank to rake in N39.151 billion in interest income. Its project profit before tax stood at N6.896 billion and N6.344 billion for profit after tax during the stipulated period. The bank said it also targeting to achieve N24.491 billion for net revenue from funds.
Sterling Bank’s gross earnings grew by 23.2% to N38.1 billion as against the N30.9 billion reported in Q1 2021. This was primarily due to a 43.3% increase in operating income driven by a 17.5% growth in net interest income. And also a 40.5% increase in fees and commissions.
Loans and advances increased by 3.4% YTD to N735.8 billion as the cost of risk increased marginally by 20 bps to 1.1%. The NPL ratio remained stable at 0.8%. Overall, the Bank grew its balance sheet by 2.1% to N1.66 trillion and achieved a 47.9% growth in profit. Thereafter, taxes to reach N3.5 billion compared to the profit of N2.4 billion reported for Q1 2021.
Chief Executive Officer Abubakar Suleiman says, “The year commenced with great expectations for growth globally on the back of the recovery achieved in 2021. However, the outbreak of conflict in eastern Europe had resulted in elevated energy prices, stoked inflation globally and undermined the expected pace of economic growth.
He continues, “In Nigeria, this development, besides supply chain disruptions, impacted prices further and resulted in rising inflation. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our new environment and continued to deliver value to all stakeholders.
Our customer-centric strategy has enabled us to continue to support our partners through innovative product offerings”.