Sterling Bank National Branch Network

21 Operating Efficiency N' Millions -11% -33% 17,655 16,491 115,783 FY 2009* -64% FY 2010 212% 11,076 76% Operating Expenses Funding Cost Cost to Income Operating Expenses Breakdown 29% O 71% Staff Cost Other Expenses 30% O 70% Comments Operating expenses declined 11% to N15.8b ■ Funding cost declined 33% feeding through improvement in Net Interest Margins ■ Significant improvement in relative efficiency on the back of lower provisioning and reduction in operating expenses FY 2009* FY 2010 1. Sterling Bank The one-customer bank.

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