By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Sterling Bank Plc Thursday said its profit after tax (PAT) grew by 12.9 percent (12.9%) for the third quarter (Q3) report for the period ended September 30, 2013.
According to the bank in its result announcement to the Nigerian Stock Exchange (NSE) in Lagos Nigeria, PAT grew from N4.493 billion in the Q3 of 2012 to N5.074 billion in the review period of 2013; indicating a growth in PAT of 12.9%.
Similarly, Profit before Tax (PBT) of Sterling Bank increased from N4.769 billion in the Q3 of 2012 to N6.017 billion in the same period of 2013; showing an increase of 26.2%.
While, Gross Earnings of the bank increased by 31.4% as it recorded N65.121 billion in the Q3 of 2013 compared to N49.559 billion recorded in the corresponding period of 2012.
In a Statement from the bank obtained by InvestAdvocate, Yemi Adeola, Managing Director / CEO, said he is pleased with steady progress that the bank has made in its third quarter despite regulatory headwinds arising from tighter monetary policy measures
“Top-line revenues remained strong having increased by 31% year-on-year to N65.1 billion. In line with our targets, we grew deposits by 29%, net loans by 36%, while reducing the proportion of non-performing loans to 2%,” he said
Adeola said the quarter just ended, the bank successfully launched a N12.5 billion equity issue by way of rights for which its currently awaiting final regulatory approval. “We are also in the process of concluding a private placement of US$120 million to further strengthen our capital position,” he said.
