{"id":6753,"date":"2013-07-19T08:24:59","date_gmt":"2013-07-19T08:24:59","guid":{"rendered":"http:\/\/disnaija.com\/nigeria-news\/sterling-bank-profit-hits-n5-92b\/"},"modified":"2013-07-19T08:24:59","modified_gmt":"2013-07-19T08:24:59","slug":"sterling-bank-profit-hits-n5-92b","status":"publish","type":"post","link":"https:\/\/disnaija.com\/sterling-bank-profit-hits-n5-92b\/","title":{"rendered":"Sterling Bank profit hits N5.92b"},"content":{"rendered":"
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Nigeria’s Sterling Bank Plc has announced a profit after tax of N5.92 billion for the half year ended June 30.<\/p>\n

According to a report to the Nigerian Stock Exchange, the bank’s managing director, Mr Yemi Adeola, the profit after tax represented a growth of 96.7 per cent when compared with N3.01 billion declared in the comparative period of 2012.<\/p>\n

The statement said profit before tax rose by 93.5 per cent to N6.27 billion, against the N3.24 billion recorded in the corresponding period of 2012.<\/p>\n

“Also, gross earnings grew by 28 per cent to N41.86 billion from N32.68 billion achieved in 2012.<\/p>\n

“Interest income appreciated by 18 per cent to N31.08 billion against N26.34 billion posted in 2012.<\/p>\n

“Its net interest income inched by 27 per cent to N15.17 billion in 2013 as against N11.96 billion in the comparable period of 2012,\u2019\u2019 it said.<\/p>\n

The statement quoted Adeola as saying the performance was a reflection of the stability and growth potential of its business strategy.<\/p>\n

He added that the bottom-line performance was driven by the bank\u2019s growing brand acceptability and customers\u2019 deposit as well as efficient cost and risks management.<\/p>\n

\"Yemi <\/p>\n

Yemi Adeola, Sterling Bank MD<\/p>\n<\/p><\/div>\n

“Over the next six months, our priority is to accelerate our $ 400 million capital-raising programme, which commenced with overwhelming support from our shareholders for the on-going rights issue of N12.5 billion (about $ 80 million).<\/p>\n

“The next phase of the programme includes a $ 120 million private placement and subsequently, a $ 200 million multi-currency tier 2 capital-raising exercise.<\/p>\n

“We remain optimistic that our capital plans will be achieved to enable us drive business growth, while delivering superior returns to our shareholders,\u201d Adeola said in the statement.<\/p>\n

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Source: PM News<\/p>\n

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