Sterling Bank Plc has announced a 29% increase in its profit after tax for 2022, reaching N19.3 billion compared to N15 billion reported in the previous year.

 The bank also reported a 17% increase in gross earnings to N175 billion, and a 14.4% rise in total assets to N1.86 trillion. Customers’ deposits increased by 9.8% to N1.33 trillion.

 The bank declared a dividend of N0.15k per share, representing a 10% dividend yield on the average stock price over the past year and a 50% improvement on the previous year’s payout.

 The CEO of Sterling Bank, Mr. Abubakar Suleiman, attributed the bank’s resilience to the launch of innovative products and investments in the Sterling franchise, culminating in approvals for restructuring into a holding company, which will facilitate expansion into other permissible businesses and enhance long-term stakeholder value.

source;Thisdaylive
link;https://www.thisdaylive.com/index.php/2023/05/08/sterling-bank-declares-29-increase-in-profit-proposes-n0-15-dividend/