2011 Earnings: Sterling Bank Records Bumper Harvest, Net Income Mushrooms 60%
Sterling Bank released its audited 2011 financial statements today after a dividend announcement yesterday.
The bank which recently acquired ETB has good reason to reward its shareholders, net income mushroomed 60% to N6.68 billion from N 4.17 billion in 2010.
Revenue increased 48% from N 30.3 billion in 2010 to N 45.17 billion in 2011.
The company recorded an exceptional income of over half a billion Naira.
Extraordinary income of N 2 billion was also recorded by the bank, most likely due to the acquisition of ETB.
Expectedly the bank’s assets mushroomed over 100% to N 8.9 billion from N 4.2 billion just last year.
It increased its lending portfolio by 60% to N 159 billion from N 99 billion in 2010.
It cash and bank balances improved dramatically, swelling 440% to N 36 billion from N6.7 billion in 2010.
The bank has proposed a dividend of 10 kobo, which represents a dividend yield of 7.9%.
The company will hold its annual general meeting at the Lagoon Restaurant on the 15th of April.
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