Sterling Bank Records 29% Growth In Profit For 2022
Sterling Bank has released its profit after tax which rose by 28.5 per cent to N19.3bn as of the end of December 31, 2022 from N15bn recorded in the corresponding period of 2021 financial year.
The bank disclosed this in a statement on its earnings on the Nigerian Exchange.
The bank’s assets grew by 14.4 per cent N1.86tn, from N1.62tn recorded in 2021.
Also, its gross earnings for the period jumped by 16.6 per cent to N175bn from N150bn recorded in 2021. The bank also reported an increase in customers’ deposits in 2022 of N1.33tn, a 9.8 per cent increase.
It closed its net operating income at N108bn, a 20.9 per cent increase compared to 2021’s figure of N89bn.
Commenting on the financial report perfomance, the Chief Executive of Sterling Bank, Abubakar Suleiman, said, “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally.”
“These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our environment and continued to deliver value.”