Sterling Bank posts 18% profit rise amid COVID-19

Sterling Bank Plc has reported an increase of 18.10 percent in its profit before tax for the 2020 financial year amid the COVID-19 pandemic.

The bank’s unaudited financial statements obtained by Markets Reporters from the Nigerian Stock Exchange showed that its PBT grew to N12.60 billion in 2020 from N10.67 billion in the previous year.

Its profit after tax rose to N11.69 billion from N10.60 billion year-on-year.

The lender’s non-performing loan ratio fell to 1.82 percent last year from 2.20 percent in 2019.

Sterling Bank said it had continued to leverage on its agile structure and optimised pre-pandemic measures in response to the COVID pandemic.

It said, “In response to the pandemic, the Central Bank of Nigeria introduced unprecedented intervention measures, which include the concessions to commercial Banks to restructure some loans.

“These measures by the regulators and Federal Government have mitigated the impact of the crisis and enabled the continued effective functioning of financial markets.”