Sterling Bank profits plunge in Q1 2020

Sterling Bank Plc has reported a N1.175 billion plunge in profit for first quarter 2020, compared to the corresponding period of 2019.

The highlights of the tier 2 lender’s financial performance in the period under review are contained in its Condensed Unaudited Group Interim Financial Statements March 2020, posted on the Nigerian Stock Exchange (NSE) Thursday.

Gross Earnings slid from N35.270 billion to N32.916 billion, translating to a 6.67 per cent decrease.

Net Interest Income climbed by 3.52 per cent to N15.449 billion in the review period, up from the N14.924 billion posted at Q1 2019, while profit before income tax plummeted from N3.273 billion to N2.219 billion representing a 32.2 per cent drop.

Profit for the Period shrank by 36.3 per cent, moving from N3.240 billion to N2.065 billion. Earnings Per Share (EPS) dropped from N0.11 to N0.07, shedding 36.36 per cent.

Total Expenses grew from N15.292 billion to N16.560 billion largely on the account of higher Depreciation and Amortisation. Total Equity contracted by 3.64% from N119.558 billion to N115.209, down by 3.64%.

Majority-owned by Mauritius-based Silverlake Investments Limited, Sterling Bank currently has outstanding shares numbering over 28.790 billion with a dividend yield of 2.27 per cent.

Leave a Reply