Sterling Bank Plc Reports 20% Increase In Profit In 2021

On Thursday, Asue Ighodalo, the Chairman, of Sterling Bank Plc, revealed that the bank’s profits for the year ended December 31, 2021, rose by 20.2 per cent, during its Annual General Meeting in Lagos.

He explained that a net profit of N13.5 million was recorded by the bank on gross earnings of N142.3billion compared to a net profit of N11.2 billion on gross earnings of N135.8 billion in the corresponding period of 2020, which represent a 20.2 per cent uptick in profit after tax, and a 4.8 per cent increase in gross earnings respectively.

“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 building a forward-thinking organisation focused on delivering the best value to our stakeholders.”

The Chief Executive, Sterling Bank Plc, Abubakar Suleiman, while commenting on the performance said that the year’s success was driven by a growth of 28.5 per cent in non-interest-income and a 51.4 per cent increase in transaction volumes processed significant numbers that illustrate the effectiveness of the bank’s recent digitisation efforts.

“Customer deposits grew by 21.7 per cent from the previous year’s numbers, with an improvement in cost-to-income ratios, despite an increase in operating expenses brought about by foreign exchange inflationary pressures,” he said.

Suleiman added, “We will continue to focus on our HEART strategy, optimize our expenses and lending while strengthening our risk management and recovery practices.”