Sterling Bank posts 17.2% profit in 2019 Full Year results (Analysis)

Sterling Bank Plc has released its condensed unaudited Group interim financial statements for full-year 2019. The financial statements demonstrate positive figures across most financial indicators. The breakdown of the report is shown below:

Gross Earnings: Sterling Bank generated N149.4 billion in gross earnings as at December 2019, compared to N148.7 billion recorded as at the end of the 12 month period of 2018. This represents a slight increase of 0.5%.

Profit Before Tax: As at the end of the fourth quarter of December 2019, the lender recorded N10.9 billion as profit before tax, up from N9.4 billion recorded at the end of December 2018. This represents an increase of 15%.

Profit After Tax: The bank recorded a profit of N10.8 billion for the 12-month period of 2019, compared to N9.2 billion recorded at the end of the December 2018, representing a 17.2% increase in profit after tax.

Earnings Per Share: Sterling Bank recorded an Earnings Per Share of 38 kobo for Full-year 2019 as against 32 kobo recorded as at the end of the December 2018.