Business

August 5, 2019

Sterling Bank grows interest income by 19.1%

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By Peter Egwuatu

STERLING Bank Plc has recorded a net interest income growth of 19.1 percent to N30.4 billion for the half year ended June 30, 2019 as against N25.5 billion for the corresponding period of 2018, an indication of improvement in its lending obligation.

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Overall the bank recorded a 5.5 percent improvement in operating income and a profit after tax of N5.66 billion.

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Commenting on the financial performance, Mr. Abubakar Suleiman, Chief Executive Officer of Sterling Bank said, “Underlying our half year performance was a concerted effort in improving the quality of our funding base, increasingly through digital products and initiatives. Though top line earnings were impacted by a selective approach to lending, the Bank remained focused on building a sustainable business model and continued to see considerable improvement across business lines, particularly our retail and consumer and digital and transactional banking businesses.”