Q4: Sterling Bank Projects N47bn Gross Earnings

Managing Director and Chief Executive Officer of Sterling Bank Plc Mr Abubakar Suleiman

Goddy Egene

Sterling Bank Plc has projected gross earnings of N46.730 billion fourth quarter ending December 31, 2020. The projection was contained in its forecast to the Nigerian Stock Exchange (NSE) yesterday, saying it will post interest income of N36.601 billion for the quarter, while net operating income would print at N24.538 billion.

The lender is expected to end the Q4 with profit before tax of N1.233 billion and profit after tax of N1.171 billion. Sterling Bank had recorded gross earnings of N150.2 billion for the full year of 2019 and PAT of N10.6 billion.

Chief Executive Officer (CEO) of Sterling Bank Plc, Abubakar Suleiman, had explained that the increase in gross earnings was driven majorly by growth in fees and commissions despite a steady loan base – as it continued to diversify into key sectors of focus.