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Sterling Bank’s first-quarter profit falls by N1.175bn



Sterling Bank’s first-quarter profit falls by N1.175bn

Sterling Bank Plc has reported a N1.175 billion plunge in profit for first quarter 2020, compared to the corresponding period of 2019.

The highlights of the tier 2 lender’s financial performance in the period under review are contained in its Condensed Unaudited Group Interim Financial Statements March 2020, posted on the Nigerian Stock Exchange (NSE) Thursday.

Gross Earnings slid from N35.270 billion to N32.916 billion, translating to a 6.67% decrease.

Net Interest Income climbed by 3.52% to N15.449 billion in the review period, up from the N14.924 billion posted at Q1 2019.

Profit Before Income Tax plummeted from N3.273 billion to N2.219 billion representing a 32.2% drop.

Profit for the Period shrank by 36.3%, moving from N3.240 billion to N2.065 billion.

Earnings Per Share (EPS) dropped from N0.11 to N0.07, shedding 36.36%.

Read also: Nigeria’s aviation sector loses N21bn every month to coronavirus –Minister

Total Expenses grew from N15.292 billion to N16.560 billion largely on the account of higher Depreciation and Amortisation.

Total Equity contracted by 3.64% from N119.558 billion to N115.209, down by 3.64%.

Majority-owned by Mauritius-based Silverlake Investments Limited, Sterling Bank currently has  outstanding shares numbering over 28.790 billion with a dividend yield of 2.27%.

Its Price to Earnings (PE) ratio is 3.98 while its EPS is N0.33.

Sterling Bank’s Return on Equity is 0.94 according to Reuters.

The stock opened on the floor of the NSE today at N1.25 per share.

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