Sterling Bank records N175.14bn revenue, net profit up 28.46% amid CBN clampdown

Sterling Bank recorded a 16.64 per cent year-on-year increase in its gross earnings for 2022, closing the year with N175.14 billion.

The year before, Sterling Bank reported gross earnings of N150.15 billion. This indicates an increase of N24.98 billion between the 2021 and 2022 financial periods.

This was revealed in Sterling Bank’s Annual Report, Consolidated and Separate Financial Statements for the year ended December 31, 2022, released on May 3.

Sterling Bank reported the growth extended to its Net Interest Income which was N67.80 billion in 2021 but grew by 12.65 per cent to N76.39 billion in 2022.

Similarly, the financial institution saw its Net Profit After jump to N19.29 billion at the end of last year. This is a 28.46 per cent increase compared to the N15.02 billion Sterling Bank posted as net profit the previous year.

READ ALSO: CBN fines Sterling Bank N218m for breaching nine rules

While Sterling Bank’s management was able to grow the top line and bottom line of the company, the board failed to ensure the company adhered to the regulations of the Central Bank of Nigeria (CBN) in 2022.

During this period, Ripples Nigeria reported that Sterling Bank was fined N218 million for failing to comply with several regulations of the CBN.

The CBN fined Sterling Bank for the late rendition of regulatory returns, acquisition of property for the establishment of new branches and closure of two branches without CBN’s prior approval.

Also, the financial regulator sanctioned Sterling Bank for breaching the guideline on operations of electronic payment channels in Nigeria, defaulting under the Nigeria Electricity Market Stabilization Facility (NEMSF), amongst other contraventions.

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