Sterling Bank Records Over N19bn Profit After Combining Islamic and Commercial Operations into One Company

• Sterling Bank has reported a profit of over N19 billion in 2022 in the financial year of 2022
• The bank which transitioned to a new company also recorded a significant increase in customer deposits during this period
• The strong financial performance has been attributed to several factors, including improved operational efficiency

Sterling Financial Holdings Plc, the parent company of Sterling Bank, has recorded a profit of N19.3 billion in 2022

This is a 28.5 percent increase compared to N15bn in the corresponding period of the 2021 financial year.

The bank disclosed this in its audited financial statement submitted to the Nigerian Exchange.

Recall Legit.ng reported that Sterling Bank transitioned to a holding company with two subsidiaries, the conventional commercial bank and the other as the Alternative Bank Limited, which will operate as a non-interest bank.

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Breakdown of Sterling bank financials

Sterling’s assets grew by 14.4 percent to the end of 2022 with N 1.86tn, from N1.62tn at the end of 2021, Punch reports.

Also, Sterling Bank's financial report for 2022 revealed a 16.6 percent rise in gross earnings to N175 billion from N150 billion in the previous year.

Additionally, the bank reported a 9.8 percent increase in customers' deposits, amounting to N1.33 trillion in 2022. T

he net operating income also saw an increase of 20.9 percent, reaching N108 billion compared to N89 billion in 2021.

Sterling Bank CEO speaks

In retrospect of the year's performance, Sterling Bank's Chief Executive, Abubakar Suleiman, remarked:

"The commencement of 2022 held high hopes for global growth following the recovery achieved in 2021. However, the eruption of conflict in Eastern Europe disrupted supply chains, raised inflation, and hindered global growth.

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"These developments also had an impact on the Nigerian economy. Nevertheless, our business displayed exceptional resilience as we adapted to the changing environment and consistently delivered value."

CBN to close millions of bank accounts in Access, UBA, Zenith, and others

Meanwhile, in another report, Legit.ng revealed that CBN is planning to close bank accounts without BVN to clean up the sector and reduce fraud

BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud

24 commercial banks operate in Nigeria, including Access, United Bank of Africa, and Zenith bank.

Source: Legit.ng