Sterling Bank Plc grew its net profit by 15 per cent to N10.6 billion in 2019 as the commercial bank sustained steady growths across key performance indicators.
The board of directors of the bank has recommended distribution of N863.7 million as cash dividend for the 2019 business year, representing a dividend per share of 3.0 kobo for all shareholders on the register of the bank as at Monday, May 4, 2020.
Key extracts of the audited report and accounts of Sterling Bank for the year ended December 31, 2019 released at the weekend showed that gross earnings rose from N148.7 billion in 2018 to N150.2 billion. Profit before tax increased from N9.49 billion to N10.67 billion. Profit after tax rose from N9.22 billion in 20189 to N10.6 billion in 2019.
Chief Executive Officer, Sterling Bank Plc, Mr. Abubakar Suleiman, said the bank’s top-line growth was driven majorly by growth in fees and commissions by 24.3 percent, despite a steady loan base – as it continues to diversify into key sectors of focus – and a decline in trading income.