• Business - Banking & Finance
  • Updated: December 14, 2020

Sterling Bank Q1 2021 Earnings To Rise, Interest Income Remain Low

Sterling Bank Q1 2021 Earnings To Rise, Interest Income Rema

(Photo Credit: The Sun Nigeria)

Sterling Bank disclosed that its gross earnings for the first quarter of 2021 will surpass the NGN32.9 billion the company generated during the first quarter of this year. Sterling Bank's projection showed a 6.07% growth in revenue for Q1 2021.

In an earnings forecast statement obtained by AllNews, Sterling Bank reported that the 6.07% revenue growth will see its gross earnings climb to NGN34.9 billion in the first quarter of next year.

The lender stated that its Interest Income will rise to NGN28.02 billion in Q1 2021, but remain lower than the NGN28.3 billion Sterling Bank reported as its Interest Income for the same period this year.

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However, Interest Payable to Sterling Bank during the first three months in 2021 will rise beyond the NGN10.3 billion the lender recorded this year's Q1, as Sterling Bank forecast the Interest Expense to rise to NGN12.9 billion in Q1 2021.

Sterling Bank estimated its Operating Income for 2021 first quarter will surpass the NGN19.9 billion the company recorded in the corresponding period of Q1 this year, as Operating Income for Q1 2021 is expected to hit NGN22.3 billion.

The bank's Profit Before Tax for next year's Q1, is forecasted at NGN2.27 billion, higher than the NGN2.21 billion Sterling Bank reported as Profit Before Tax during the first three months which is from January to March.

Sterling Bank's Profit After Tax for 2021 first quarter is estimated at NGN2.09 billion, surpassing the NGN2.06 billion the company recorded as PAT during the corresponding period of this year's Q1.

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