Sterling Bank Plc, a full-service national commercial bank, has reported a 20.2 per cent growth in its profits for the fiscal year ended December 31, 2021.
The bank, at its 60th Annual General Meeting (AGM) in Lagos, on Thursday, reported a net profit of N13.5 billion on gross earnings of N142.3 billion compared to a net profit of N11.2 billion on gross earnings of N135.8 billion in the corresponding period of 2020. These figures represent a 20.2 per cent uptick in profit after tax and a 4.8 per cent increase in gross earnings respectively.
Commenting on the bank’s financial performance, the chairman of the bank’s board, Mr Asue Ighodalo said, “For us and for the nation at large, 2021 was a year of recovery from the adverse economic effects of the coronavirus pandemic.”
He added that “Breakthroughs in the development of vaccines for the virus, along with the campaigns to inoculate the global population gained ground and bolstered consumer and investor confidence globally and locally. The pace of economic recovery exceeded expectations despite threats of a third wave and the emergence of variants of the virus. This brought wind to our sails as we navigated the Bank to increase her profitability and growth.”
“During the period, we were consistent with our strategy to drive financial intermediation in high-impact sectors that aligned with our HEART strategy. This enabled us to focus and deliver innovative solutions that enabled our customers to thrive in a dynamic environment. We are unwavering in our commitment to build a forward-thinking organization focused on delivering the best value to our stakeholders.”
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Reflecting on key drivers of the performance, Sterling’s Chief Executive, Abubakar Suleiman, noted that the year’s success was driven by a growth of 28.5 per cent in non-interest-income and a 51.4 per cent increase in transaction volumes processed, significant numbers that illustrate the effectiveness of the Bank’s recent digitization efforts.
Customer deposits grew by 21.7 per cent from the previous year’s numbers, with an improvement in cost-to-income ratios, despite an increase in operating expenses brought about by foreign exchange inflationary pressures.
“We will continue to focus on our HEART strategy, optimise our expenses and lending while strengthening our risk management and recovery practices. These have remarkably improved our exposure with non-performing loans dropping from 1.9 per cent in 2020 to 0.7 per cent in 2021. Put together, these have enabled us to increase shareholder funds by 4.2 per cent,” Suleiman noted.
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