Companies
Updated: January 31, 2023

Sterling Bank Records N14 Billion Profit

By Felicia Abisola Olamiji
January 31, 2023
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Sterling Bank Plc has released its unaudited financial statements for the year ending December 31, 2022, which revealed a 38.63% increase in profit before tax from the N14.47 billion recorded in the previous year to N20.06 billion, while net profit after tax grew by 37.87% from N13.52 billion in 2021 to N18.64 billion.

During the period under review, Sterling Bank reported a 19.79% increase in total operating expenses from N72.83 billion recorded in 2021 to N87.25 billion.

The bank also recorded an interest income of N127.69 billion, which reflects a 15% increase when compared to the N110.97 billion recorded in 2021.

For the 2022 financial year, it recorded a total operating income of N115.89 billion, from the N97.13 billion recorded in 2021, which indicates a 19.13% increase.