By PETER EGWUATU

Sterling Bank Plc has recorded gross earnings of N50.74 billion for the third quarter ended September 30, 2012, representing an increase of 92.6 per cent from N26.35 billion recorded in the corresponding period of 2011.

Interim report and accounts of the bank for the third quarter showed substantial growths across key performance indicators for the current business period under review. Specifically, interest income doubled by 109.9 per cent while net interest income jumped by 84 per cent and Profit before tax  rose by 58.5 per cent.

Interest income leapt to N39.56 billion in 2012 compared with N18.85 billion in corresponding period of 2011. While interest expenses increased from N8.97 billion to N21.37 billion, net interest income also nearly doubled from N9.88 billion to N18.19 billion and non-interest income increased by 49 per cent to N11.2 billion as against N7.5 billion. Altogether, operating income rose by 78 per cent from N15.9 billion to N28.3 billion.

Other performance indicators showed that profit before tax jumped from N3.01 billion to N4.77 billion; Profit After taxes and  net profit distributable to shareholders inreased from N2.74 billion to N4.49 billion. Earnings analysis showed earnings per share of 29 kobo for third quarter 2012 compared with 22 kobo in similar period of 2011.

At current share price, the net earnings indicated strong double-digit returns for Sterling Bank. It should be recalled that the outstanding issued shares of Sterling Bank had increased in the last quarter of 2011 following issuance of scheme shares to shareholders of the defunct Equitorial Trust Bank, which Sterling Bank had acquired last year.

Commenting on the results, managing director, Sterling Bank Plc, Mr. Yemi Adeola, said the results reflected the continuing success of the bank’s strategic growth initiatives as it continued to draw benefits from the seamless integration of Equitorial Trust Bank.

According to him, Sterling Bank has been well positioned to capture emerging growth opportunities with customer-centric approach to financial services and products.