Sterling Bank Posts 41% Increase In PAT In H1

In its half-year (H1) unaudited financial statement for the period ended June 30, 2022, Sterling Bank Plc. reported an increase in profit after tax of 40.8%. According to the bank’s results published on the Nigerian Exchange Limited, profit after tax increased by 40.8% to N8.013 billion from N5.691 billion as reported in the comparable half-year results.

The lender’s gross profits increased by 15.9% in the first quarter of 2022 compared to the N70.033 billion recorded in the first quarter of 2021, thanks to a combination of a 48.2% increase in non-interest income and an 8.8% growth in net interest income.

The increase in other operating expenses and other costs for property, plant, and equipment, such as PPE repairs and maintenance, caused Sterling Bank’s operating expenses to grow by 18% throughout the period under review, from N34.2 billion in H1 2021 to N40.3 billion in H1 2022.

The Sterling Bank’s balance sheet increased from the N1.63 trillion reported in the entire financial year of 2021 by 11.4% to N1.8 trillion as of June 30, 2022, according to its position on the balance sheet.

Abubakar Suleiman, the chief executive of Sterling Bank, stated: “Global supply chain disruptions continue to put a strain on the macroeconomic climate, which has led to growing inflation.

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