• Business - Banking & Finance
  • Updated: November 22, 2020

Sterling Bank Releases Q3 Report, Earnings Decline

Sterling Bank has released its financial statement for Q3 2020. In the report, the lender recorded a drop in its Interest Income which stood at NGN29.2 billion. This turnover is below the NGN32.9 billion Sterling Bank generated in the corresponding period of 2019 Q3.

A decline was also reported in the company's Interest Expense, which Sterling Bank reported as NGN13.5 billion for Q3 2020, failing to surpass the NGN15.8 billion Sterling Bank recorded as interest expense during the same period of last year third quarter.

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AllNews gathered from the 2020 Q3 financial statement that Net Interest Income also declined to NGN15.7 billion, failing to rise above the NGN17.1 billion Sterling Bank recorded in the corresponding period of 2019 Q3. Meanwhile, Operating Income rose to NGN22.3 billion in Q3 this year, surpassing the NGN21.5 billion reported in Q3 2019.

Also, Profit Before Tax rose as well, as it stood at NGN2.3 billion in third quarter 2020, rising above the NGN1.6 billion Sterling Bank reported as profit before tax in the corresponding period of last year third quarter; which falls between July to September each year.

Sterling Bank's Profit After Tax also recorded an upward movement following the NGN1.95 billion recorded in Q3 this year. This is slightly higher than the NGN1.91 billion Sterling Bank recorded during the same period last year third quarter.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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