Sterling Bank Releases Unaudited Results for the Half Year 2011 Ended June 30 2011
Records 11% Growth in Gross Earnings to N18.2 Billion
Lagos, July 25, 2011 – Sterling Bank Plc (NSE: STERLNBANK/ Reuters: STBP.LG) – the 'Bank' – today released its unaudited results for the first six months ended 30 June, 2011.
"We are pleased to announce that Sterling Bank achieved 11% growth in gross earnings and recorded 20% growth in loans & advances (including advances under finance lease). Profit before tax and allowances for risk assets grew by 24% demonstrating the underlying strength of our core business. In line with our medium term goals, we reduced non-performing loans (NPL) to less than 5% of total loans, an improvement from the 11.5% level reported in December 2010.
Over the next six months, our priority is to accelerate the creation of risk assets, pursue deeper market penetration of our products to gain a larger share of customer wallet and sustain growth of the retail share of our deposit mix for enhanced margins.
The Board and Management have adopted a long term view of Sterling Bank’s appropriate strategic objectives and are aligning operations and investments to accomplish these in a manner that delivers shareholder value. To ensure adequate resources are available to pursue the objectives in the short-term, we successfully raised N7.5 billion (~US$50m) non-convertible debenture stock from a local investor group signifying confidence in our growth agenda".