By InvestAdvocate
Lagos (INVESTADVOCATE)-Sterling Bank Plc has reported an increase in Gross Earnings by 58 percent (58%) in its Second Quarter (Q2) Result for the Period Ended June 30 2012.
A Statement by the Bank on Friday affirmed Gross Earnings rose by over a half at 58% to N32.7 billion for the Q2 2012 Period, while Profit also grew by 38% in the review period.
The Statement affirmed that the performance, which is testimony to the efficacy measures built into its core banking operations and the aggressive business development along various needs of the customer, witnessed improvements in Interest Income that grew by 81% and in other headline figures. “Net Interest Income rose by whopping 70% and Operating Income by 49%†the Bank said.
Yemi Adeola, Managing Director/Chief Executive Officer (MD/CEO) of the Bank while reacting to this said the Result have been achieved against the backdrop of difficult Global and Domestic Economic Conditions, which continue to impact Real Sector Investment, Foreign Investor Participation, Consumer Confidence, and Market Risk Appetite.
Sterling Bank last year acquired Equatorial Trust Bank Plc, one of the Banks bailed out by the Central Bank of Nigeria (CBN) in 2009, a move Market Analyst observed would witness significant synergy and raise the performance of the successor entity tremendously.
According to Adeola, the Results also come in the wake of Sterling Bank’s recent integration with the former ETB, and the associated costs arising from Technology Upgrade and brand standardisation; the benefits of which are expected to kick-in during the last Quarter of the Year.
Tunde Ladipo, Stockbroker and Investment Analyst said with the Second Quarter (Q2) performance of Sterling Bank, the Stock holds great value over the medium to long term for income seeking investors or those eyeing Capital Appreciation.
Related Stories:
1. Sterling Bank posts 16.3 % growth in Q1 2012
2. Sterling Bank grows net profit by 60% to N7b
3. Nigeria’s Sterling Bank, ETB seal Merger & Acquisition deal
