Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022

Sterling Bank Plc has released its unaudited full-year 2022 results, reporting a pre-tax profit of N20.06 billion. This represents a 38.63% increase from the N14.47 billion the company reported during the same period in 2021.

See the key details of the financial report below.

Interest income   

2022 FY: N127.69 billion

2021 FY: N110.97 billion

Change: +15%

Total operating income  

2022 FY: N115.89 billion

2021 FY: N97.13 billion

Change: +19.13%

Total operating expenses 

2022 FY:  N87.25 billion

2021 FY: N72.83 billion

Change: +19.79%

Pre-tax profit 

2022 FY: N20.06 billion

2021 FY: N14.47 billion

Change: +38.63%

Net Profit after tax

2022 FY: N18.64 billion

2021 FY: N13.52 billion

Change: +37.87%

Earnings per share

2022 FY: 65 kobo

2021 FY: 47 kobo

Change: +38.29%

Bottom line: The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.