Nigeria’s Sterling Bank has reported a 16% increase in its gross earnings for the 2022 financial year, according to its financial income statement. The bank’s gross earnings rose from NGN150.2 billion in 2021 to NGN175.1 billion in 2022. The bank also reported a 29% increase in profit before income tax, which rose from NGN16.1 billion in 2021 to NGN20.8 billion in 2022.
The bank’s profit after income tax also rose from NGN15.0 billion in 2021 to NGN19.3 billion in 2022, a 29% increase. The increase in profits was driven by a rise in net interest income, which increased from NGN67.8 billion in 2021 to NGN76.4 billion in 2022.
Sterling Bank also reported a 4% increase in total non-performing loans as a percentage of gross loans, which rose from 1% in 2021 to 4% in 2022. However, the bank’s credit loss expense decreased from NGN9.8 billion in 2021 to NGN9.1 billion in 2022.
In a statement, the bank’s CEO, Abubakar Suleiman, said, “We are pleased to report a strong financial performance in 2022, with growth across key metrics. Our focus on digital innovation and expanding our customer base has been instrumental in driving this growth, and we remain committed to delivering value to our shareholders.”
Sterling Bank’s earnings per share also increased from 52 kobo in 2021 to 67 kobo in 2022. The bank’s total comprehensive income for the year, net of tax, was NGN20.3 billion in 2022, compared to NGN8.3 billion in 2021.