Sterling Bank grows Q3 profit by 41.52%

Sterling Bank Nigeria Plc said it recorded 41.52 per cent growth in its profit after tax in nine months of 2022, in spite of economic challenges.

The Group’s unaudited financial report showed it earned N13.41bn in the nine-month ended September 2022, better than N9.38bn recorded in the corresponding period of 2021.

This showed the Group added about N3.93bn within the period under review.

According to a statement, the Group’s gross earnings also grew by 14.22 per cent to N11.60bn it earned in nine-month ended as of 30th September 2022 from N104.71bn in the corresponding year of 2021.

This data showed a growth of N14.89bn in the period under review.

Similarly, the Group’s bank which is listed on the Nigerian Stock Exchange under the banking sector grew its profit after tax by 42.85 per cent from the N9.38bn it earned in September 2021, against 13.41bn it gained as profit after tax in 2022

According to the statement, the bank’s gross profit for the year surged by 14.58 per cent from N102.92bn it earned in the nine months of 2021 to N117.92bn it gained in the nine months ended 30th September 2022.

This showed an increase of N15bn within the period under review.