Sterling Bank’s revenue dropped by N11.3bn in 2020 | Ripples Nigeria
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Sterling Bank’s revenue dropped by N11.3bn in 2020

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

Sterling Bank revenue dropped by N11.3 billion last year, the lender said on Wednesday.

In its financial report for the period ended December 31, 2020, made available to Ripples Nigeria on Wednesday, the lender’s revenue slipped from N150.19 recorded in 2019 to N138.89 billion last year.

Sterling Bank’s e-business commission and fees last year failed to surpass its 2019 turnover, dropping from N6.78 billion to N4.97 billion in 2020.

The decline in revenue and e-business fees occurred during the same period the company reduced spending on advertisement and promotion of its business activities in Nigeria.

READ ALSO: Sterling Bank, Prestige Assurance ban directors from trading in companies’ shares

The lender cut its advert budget to N2.60 billion in 2020, from N3.65 billion earmarked for the same purpose the previous year.

However, profit before tax didn’t follow the same path as Sterling Bank recorded N12.37 billion last year while it garnered N10.67 billion in 2019.

The profit after tax also increased from N10.60 billion in 2019 to N11.2 billion last year.

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