Sterling Bank Plc has recorded a 51 per cent increase in its gross earnings for the year ended December 31, 2012.
Its results, released to the Nigerian Stock Exchange on Wednesday, showed that the gross earnings, which stood at N45.7bn in 2011, rose by 51 per cent to N68.9bn.
Also, the report showed that profit from core operations (excluding the effect of one-off disposal of subsidiaries in 2011) increased by 108 per cent; while customer deposits increased by 18 per cent to N463.7bn as against N392.0bn the previous year; while net loans and advances grew by 42 per cent from N162.1bn to N229.4bn.
The Managing Director, Mr. Yemi Adeola, commenting on the performance, said the 2012 results reflected the enhanced capacity of the bank, following the business combination with Equitorial Trust Bank.
He said that the growth was driven by a marked improvement in core banking operations while the bank maintained a tight grip on asset quality, with non-performing loans dropping to its lowest rate of 3.8 per cent, despite a 42 per cent growth in loans to N229.4bn.
He outlined that in furtherance of its medium to long term strategic growth plan, the bank planned to raise supplementary equity funds of up to N32bn (about $200m) through the issuance of equity instruments.
According to him, the bank has been implementing several key initiatives to broaden its customer base and enhance customers’ satisfaction.
He said, “Going into 2013, our goal is to reduce our cost of funds, enhance our brand presence in our target markets and improve operating efficiency.
“We have also revamped our retail strategy through a number of initiatives. Our physical infrastructure is being upgraded to capture a high-street retail look and feel; and restructured along the lines of hub and spoke delivery platforms.”
Meanwhile, equity trading activities on the NSE continued on a positive note with the market capitalisation of the listed equities hitting the N11tn mark, as it rose by N63bn or 0.6 per cent to close at N11.057tn.