Sterling Bank Plc records 3.28% decline in 2020 9M gross earnings

Sterling Bank Plc reported gross earnings of N160.07 billion in 2020 9M compared to N109.66 billion same period in 2019 – a decline of 3.28%.

Key highlights for 2020 9M

• Gross earnings declined to N160.07 billion, -3.28% YoY
• Interest income declined to N88.69 billion, -6.72% YoY
• Net fees and commission income from interest income declined to N7.87 billion, -26.21% YoY
• Net trading income increased to N7.05 billion, +264.72% YoY.
• Other operating income increased to N2.46 billion, +23.89% YoY
• Total expenses declined to N48.87 billion, -3.33% YoY.
• Pre-tax profits increased to N8.02 billion, +4.88% YoY.
• Earnings Per Share remained 26 kobo, +0% YoY.

(READ MORE: Stanbic IBTC Plc: Decrease in interest income depletes revenues)

Bottom Line

Sterling Bank Plc recorded increased revenues from two of its earnings-generating units – trading income and other operating income. Gross earnings, however, declined in the period under consideration.

Notwithstanding the decline in gross earnings, pre-tax profits increased, thanks to reduced total expenses. The 3.33% decline in total expenses amounting to N1.69 billion in conjunction with the massive increase from trading and operating income catered for the decline and ensured the company reported increased pre-tax profits.