Investor Presentaiton
Sterling Bank
Investor Relations
Financial Highlights
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Income Statement
Net interest income rose 58.1% to N10.3 billion (Q1 2013: N6.5 billion) feeding
from a 30.6% growth in interest income to N18.7 billion
Non-interest income also grew by 7.4% to N6.0 billion (Q1 2013: N5.6 billion)
driven by a 29.9% growth in trading income to N2.3 billion
Net operating income rose 29.7% to N15.2 billion (Q1 2013: N11.7 billion) on
the back of growth in net interest income
Operating expenses increased 34.0% to N11.6 billion (Q1 2013: N8.7 billion)
driven by on-going investments in branch refits and expansion in addition
to an increase in AMCON surcharge
Profit before tax increased 17.3% to N3.5 billion, while profit after tax was
N3.1 billion
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Statement of Financial Position
Net loans & advances grew 4.8% to N337.2 billion (Dec. 2013: N321.7 billion)
driven by growth in corporate lending
Customer deposits declined by 5.3% to N540.0 billion (Dec. 2013: N570.5
billion) reflecting Management's focus on balance sheet efficiency
Shareholders' funds increased 4.7% to N66.4 billion (Dec. 2013: N63.5 billion)
due to profit accretion
Overall, total assets excluding contingent liabilities declined marginally by
0.8% to N701.9 billion (Dec. 2013: N707.8 billion)
Q1 2014 Results
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