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Sterling Bank records 20% increase in net profit

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Sterling Bank Plc, a full service national commercial bank, has reported a 20.2 percent growth in its profits for the fiscal year ended December 31, 2021.

The bank, also reported a net profit of N13.5 billion on gross earnings of N142.3 billion compared to a net profit of N11.2 billion on gross earnings of N135.8 billion in the corresponding period of 2020. These figures represent a 20.2 percent uptick in profit after tax, and a 4.8 percent increase in gross earnings respectively.

Commenting on the bank’s financial performance, chairman of the bank, Mr. Asue Ighodalo said, “For us and for the nation at large, 2021 was a year of recovery from the adverse economic effects of the coronavirus pandemic.” He added that, “Breakthroughs in the development of vaccines for the virus, along with the campaigns to inoculate the global population gained ground and bolstered consumer and investor confidence globally and locally. The pace of economic recovery exceeded expectations despite threats of a third wave and the emergence of variants of the virus. This brought wind to our sails as we navigated the Bank to increase her profitability and growth.”

“During the period, we were consistent with our strategy to drive financial intermediation in high impact sectors that aligned with our HEART strategy. This enabled us to focus and deliver innovative solutions that enabled our customers to thrive in a dynamic environment. We are unwavering in our commitment to build a forward-thinking organization focused on delivering the best value to our stakeholders.”

Reflecting on key drivers of the performance, Sterling’s Chief Executive, Abubakar Suleiman, noted that the year’s success was driven by a growth of 28.5 percent in non-interest-income and a 51.4 percent increase in transaction volumes processed – significant numbers that illustrate the effectiveness of the Bank’s recent digitization efforts.