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Sterling Bank posts N9.3bn after tax profit

By on March 26, 2014

Sterling Bank Plc on Wednesday announced a profit after tax of N9.3 billion for the financial year ended Dec. 31, 2013.

The News Agency of Nigeria (NAN) reports that this was against the N7.5 billion declared in 2012.

This was contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos.

The profit represented a growth of 24 per cent over that of 2012.

The bank’s gross earnings stood at N91.6 billion against N68.9 billion achieved in 2012, representing a growth of 14.46 per cent.

The bank had proposed a dividend of 24k per share in contrast to 20k declared in 2012.

NAN reports the proposed dividend is subject to shareholders’ approval at the next annual general meeting.

The bank’s non-interest income rose to N21.7 billion from N15.3 billion achieved in 2012, while interest income rose to N70 billion from N53.5 billion in 2012.

Also, the bank’s customer deposit base rose by 23 per cent to N570.5 billion against the N466.8 billion in 2012. (NAN)