Sterling Bank’s profit increased by 41.52% in Q3

• Sterling Bank’s profit increased by 41.52% in Q3
• Union Bank’s PBT increased by 14% to N18.2 billion

Despite facing economic difficulties, Sterling Bank Nigeria Plc reported a 41.52 percent increase in its profit after tax for the first nine months of 2022.

According to the Group’s unaudited financial report, it made N13.41 billion during the nine months that ended in September 2022, compared to N9.38 billion during the same time in 2021.

This indicated that throughout the evaluation period, the Group added around N3.93 billion. The Group’s gross earnings increased by 14.22% to N11.60 billion in the nine months that ended on September 30, 2022, from N104.71 billion in the same period in 2021, according to a statement. This statistics indicated a rise of N14.89 billion over the time under consideration.

In a similar vein, the Group’s bank, which is listed in the banking sector on the Nigerian Stock Exchange, saw a 42.85% increase in profit after taxes from N9.38 billion in September 2021 to N13.41 billion in profit after taxes in 2022.

In accordance with the announcement, the bank’s gross profit for the year increased by 14.58%, from N102.92 billion in the first nine months of 2021 to N117.92 billion in the first nine months ending on September 30, 2022. This revealed an increase of N15 billion over the time under consideration.

Meanwhile, Union Bank’s PBT increased by 14% to N18.2 billion.

Union Bank’s PBT increased by 14% to N18.2 billion. The consolidated unaudited financial report for the nine months that ended on September 30, 2022, has been released by Union Bank of Nigeria Plc.

According to the financial report, the bank’s profit before tax for the reviewed period increased 14% to N18.2 billion from N15.9 billion during the same time last year.

In a similar line, profit after tax increased by 14.2% to N17.3 billion from N15.2 billion in 2021. The bank cited increased net interest revenue as the reason for the rise in profits.

When compared to the first nine months of 2021, the gross earnings increased by 12.4% to N140.6 billion (from N125.2 billion). Because of increasing interest income, net operating income before impairments increased from N71.2 billion in the same time in 2021 to N76.3 billion in the current year.

However, non-interest revenue decreased by 32.7% to N28.3 billion from N42 billion in the corresponding period of 2021, a decrease of 32.7%. Low recoveries were the cause of the drop. Operating expenses increased by 5.2% to N58.1 billion in the first nine months of 2021 from N55.2 billion as a result of higher non-discretionary regulatory costs, software costs, and electricity prices.

Continue Reading: Union Bank’s PBT increased by 14% to N18.2 billion