Sterling Bank Plc has recorded an increase of 96 per cent in profit after tax for the first quarter(Q1) ended March 31, 2013. The report, prepared in line with the International Financial Reporting Standards (IFRS), showed gross earnings of N19.84 billion as against N16.21 billion recorded in comparable period of 2012. Profit before tax jumped from N1.63 billion to N3.02 billion while profit after tax leapt to N2.72 billion as against N1.39 billion in 2012.
.The Q1 report came on the heels of the audited report and accounts for the year ended December 31, 2012, which showed a well-rounded performance with significant growths in incomes, profitability and assets management and efficiency.
While gross earnings grew by 51 per cent, pre-tax profit doubled by 108 per cent the proportion of non-performing loans to total loans portfolio improved considerably to negligible 3.8 per cent as against 4.8 per cent in previous year. Gross earnings stood at N68.9 billion in 2012 as against N45.7 billion in 2011. With net profit after tax of N6.95 billion in 2012, the board of director has recommended 100 per cent increase in dividends to shareholders from 10 kobo paid in 2011 to 20 kobo in 2012.
Commenting on the performance of the bank, Managing Director, Sterling Bank Plc, Mr Yemi Adeola said the bank was well positioned to sustain its growth, noting that overall growth was being driven by improvement in core banking operations and efficient cost management.
According to him, the bank has been implementing several key initiatives to widen customer base and enhance customer satisfaction.
“We have also revamped our retail strategy through a number of initiatives for low end customers. Our physical infrastructure is being upgraded to capture a high-street retail look and feel; and restructured along the lines of hub and spoke delivery platforms,” Adeola said.