By PETER EGWUATU

Sterling Bank Plc has recorded a gross earning of N17.2 billion within the three months ended March 31, 2012, representing a growth of 79 per cent from the corresponding period of 2011.

Interim report and accounts of the bank for the first quarter ended March 31, 2012 released weekend, showed impressive growth in all key profit and loss indicators while the bank maintained a healthy balance sheet.

The first quarter report, presented in the International Financial Reporting Standards (IFRS) format, showed that the core interest income doubled by 116 per cent to N13.6 billion while net interest income jumped by 73 per cent.

Operating income grew by 49 per cent just as profits before and after tax rose by 24 per cent and 16 per cent respectively.

Gross earnings stood at N17.2 billion in first quarter 2012 as against N9.7 billion recorded in the corresponding quarter of 2011. Net interest income had risen from N3.6 billion in 2011 to N6.3 billion in 2012. Operating income rose from N6.1 billion to N9 billion while profits before and after tax increased to N1.6 billion and N1.3 billion respectively.

Key balance sheet items also improved during the period with total assets adding N17 billion to close the quarter at N521.4 billion as against N504.7 billion in December 2011. Customer deposits increased from to N412 billion as against N392.1 billion in December 2011 while net loans and advances grew from N164.3 billion in December 2011 to N177.8 billion in March 2012.

Commenting on the first quarter performance, managing director, Sterling Bank Plc, Mr. Yemi Adeola, said with the completion of the integration of the Equitorial Trust Bank, which it recently acquired, the bank has re-aligned its business to deepen customer relationships and enhance market penetration.

According to him, the enlarged branch network provides a platform for low cost deposit mobilization, the result of which is evident in the 400 basis point improvement in deposit mix during the first quarter.

“Sterling Bank is well positioned to capture growth opportunities going forward for the rest of 2012 and the board is confident in our ability to continue to create value for our shareholders,” Adeola assured.