STERLING BANK PLC RELEASES UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED MARCH 31 2013
PROFIT AFTER TAX RISES 96% TO N2.7 BILLION
Lagos, April 17, 2013 – Sterling Bank Plc (NSE: STERLNBANK/ Reuters: STBP.LG) – the ‘Bank’ – a full service national commercial bank releases its unaudited results for the first quarter ended March 31, 2013.
Our first quarter performance was ahead of expectations providing reassurance on the validity of our business model and execution capabilities. We recorded a significant improvement in our operating efficiency on the back of enhanced earnings and reduced funding costs. As a result, net operating income increased by 29%, while cost-to-income ratio declined by 800 basis points to 74%. Growth in earnings was boosted by non-interest income, which rose by 111% on the back of an increase in trading income. Overall, the Bank achieved a 23% return on average equity (annualized).
We also sustained our deposit drive at the retail end with a 14% growth in customer deposits to N526 billion year-to-date and a 40 basis point reduction in funding costs to 5.9%.
In the second quarter we will focus on customer acquisition, pursue deeper market penetration of our products, while sustaining growth of our share of retail deposits.