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May 2, 2023

Suntrust Bank declares 1.5bn profit for 2022 fiscal year

Suntrust Bank declares 1.5bn profit for 2022 fiscal year

Commercial bank, SunTrust Bank Nigeria Limited, has declared a Profit Before Tax of N1.5bn for the year ended December 31st 2022. This is contained in the its 2022 Audited Financial Result. This represents a 195.6% growth in its profit before tax compared to FY 2021 results.

While the bank’s total assets grew by 94.7% from N67.9bn in 2021 to N132.3bn in 2022, total deposit liabilities grew by 61.8% from N50.8bn in 2021 to N82.2bn in 2022. Similarly, its net interest income grew from N461.5m in 2021 to N2.8bn in 2022, representing a 514% growth.

Speaking to journalists recently at its Victoria Island Head Office, Suntrust Bank’s Managing Director and Chief Executive Officer, Hajiya Halima Buba, pointed out that the bank’s success in the past year “can be attributed to paying attention to customer needs in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers aspirations.”

She reiterated its commitment to further deepen mutually beneficial relationships with customers, in view of delivering excellent banking services and living up to its ambition of becoming the retail bank of choice within the shortest possible time.

SunTrust Bank started commercial banking operations in 2016, after securing the Central Bank of Nigeria (CBN) banking license to operate as a regional commercial ban and currently has five branches spread across Lagos, FCT, Rivers and Akwa Ibom states.

With a growing Agency Banking Network, the bank is reputed for supporting Micro, Small and Medium Enterprises (MSMEs) with low interest funding, while also innovating products to cater for the needs of the wider banking population.