Sterling Bank Records Weak Performance In Q1 2020 As Revenue, PAT Decline

Nigerian lender, Sterling Bank, recorded a weak performance in the first three months of 2020 after its gross earnings for Q1 2020 dropped to N32.3 billion, its Unaudited Interim Financial Statements for Period Ended 31 March 2020, has revealed.

Sterling Bank had recorded N34.6 billion in the corresponding period of 2019, only to slide lower to N32.3 billion in Q1 2020. While the company didn't reveal reason for the decline, March had been a struggling period for banks in Nigeria due to the lockdown caused by the coronavirus outbreak.

The banks closed most of their branches, shrinking to skeleton operation. The banks are now gradually reopening their branches to the public as Nigeria begins to phase out the lockdown.

PBT and PAT also declined

Sterling Bank continued to experience a decline from their earnings to their Profit Before Tax. Sterling Bank's PBT fell to N2.1 billion in Q1 2020 from N3.2 billion in the corresponding period. It also recorded a drop in Profit After Tax (PAT).

Sterling Bank's PAT declined from N3.2 billion of 2019 Q1 to N2 billion this year's Q1, the financial statement published on the Nigerian Stock Exchange disclosed.