STERLNBANK Declares N5.66bn PAT in Q2 2019 Results,(SP:N2.24k)

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Wednesday, July 31, 2019   /10:40AM / By NSE With Additional Press Release from the Bank


Sterling Bank Plc released its unaudited second quarter results for the period ended June 30, 2019.

 

Key Highlights

Gross Earnings declined by -4.0% to N74.49bn from N77.61bn in the previous quarter.

PBT declined by 5.7% to N6.0bn.

PAT declined by 8.9% to N5.66bn.

Net Assets also grew by 12.7% to N110.18bn from N97.80bn as at December 31, 2018.


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H1 2019 Earnings Release


Chief Executive’s Remarks

“Underlying our half year performance was a concerted effort in improving the quality of our funding base, increasingly through digital products and initiatives. Though top line earnings were impacted by a selective approach to lending, the Bank remained focused on building a sustainable business model and continued to see considerable improvement  across business lines, particularly our retail & Consumer and digital & transactional banking businesses. Overall the Bank recorded a 5.5% improvement in operating income and a profit after tax of N5.66 billion. 

Abubakar Suleiman


Financial performance highlights

  1. Contracted gross earnings primarily due to a 77% dip in trading income, despite a 41% growth in fees and commission.
  2. While interest income remained flat, we recorded a 14% decline in interest expense. This delivered a 170 bps drop in cost of funds and, consequently, a 131 bps increase in net interest margin.
  3. Achieved a 14.5% growth in low cost funds, delivering a 7.6% growth in customer deposits.
  4. Net operating income grew by 4.3%, despite a 32% growth in credit losses as cost of risk remained relatively stable at 0.7%.
  5. We continued to see a rise in personal costs (Up 14%) owing to commitment to intensify strategy execution. Overall OPEX grew by 6.1%.
  6. A continuous growth in retained earnings delivered a 12.7% increase in shareholders funds to N110.1 billion.
  7. Overall the Bank grew its balance sheet by 5% to N1.15 trillion and delivered a profit after tax of N5.66 billion in the first half of the year.

 

Other non-financials highlights

Awarded ‘Best in Leadership’, ‘Best Workplace for the Millennial Generation’ and ‘3rd Best place to work in Africa’ at the 6th Edition of Great Place To Work Institute Awards.



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