Sterling Bank grows Q2 net profit by 97.03%

The management of Sterling Bank Plc, on Thursday, presented its unaudited score card for the second quarter ended June 30, 2013, to the Nigerian Stock Exchange (NSE), indicating among others that profit after tax rose to N5.922 billion, an increase of 97.03 per cent over the N3.005 billion reported in the comparable period of 2012.

Gross earnings for the period rose by 28.07 per cent from N32.682 billion in 2012 to N41.855 billion, while profit before tax rose to N6.272 billion from N3.244 billion.

The bank’s loans and advances portfolio stood at N272.749 billion, up from N229.420 billion a year earlier; deposit base stood at N564.931 billion from N466.845 billion; while net assets rose from N533.583 billion to N641.840 billion.

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In a statement by the bank quoted its Managing Director, Yemi Adeola, of assuring shareholders that “over the next six months, our priority is to accelerate our US$400 million capital raising program, which commenced with overwhelming support from our shareholders for the on-going Rights Issue of N12.5 billion (US$80 million). The next phase of the program includes a US$120 million private placement and subsequently, a US$200 million multi-currency tier 2 capital raising exercise”.

In a related development, Nigerian Breweries also reported a nominal increase in it half year financials with a net profit of N20.663 billion, from N19.376 billion; from revenue of N133.815 billion, as against the previous half year’s N124.621 billion. Profit before tax for the period was N29.607 billion from N28.525 billion.

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