Sterling Bank Plc recorded gross earnings of N32.9 billion in the first quarter as net profit closed the three-month period at N2.07 billion. Profit before tax stood at N2.22 billion in first quarter 2020.
Key extracts of the three-month period ended March 31, 2020 showed that net operating income rose marginally to N18.779 billion in first quarter 2020 as against N18.565 billion recorded during the corresponding period of 2019.
Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, noted that despite a very challenging macro-economic environment, the bank’s net trading income grew remarkably to N984 million as against N435 million during the corresponding period, representing an increase of 126.2 per cent.
The bank’s marginal drop in net profit was attributed to a combination of a decline in fees and commission income following the downward review of transactional charges and a slight increase in total expenses which rose from N15.3 billion in 2019 to N16.6 billion in 2020.
Key extracts of the three-month period ended March 31, 2020 showed that net operating income rose marginally to N18.779 billion in first quarter 2020 as against N18.565 billion recorded during the corresponding period of 2019.
Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, noted that despite a very challenging macro-economic environment, the bank’s net trading income grew remarkably to N984 million as against N435 million during the corresponding period, representing an increase of 126.2 per cent.
The bank’s marginal drop in net profit was attributed to a combination of a decline in fees and commission income following the downward review of transactional charges and a slight increase in total expenses which rose from N15.3 billion in 2019 to N16.6 billion in 2020.