Business

Sterling Bank grows trading income by 265% in Q3’20

Sterling Bank Plc has reported a trading income of N7.1 billion for the third quarter ended September 30, 2020 compared with N1.9 billion for the corresponding period of 2019, representing an increase of 264.7 per cent. The bank made the remarkable financial performance despite the prevailing uncertainties that characterised the macro-economic environment in the wake of the outbreak of Covid-19 and the attendant fiscal reforms by the Federal Government.

In his remarks on the impressive performance, Mr. Abubakar Suleiman, Managing Director and Chief Executive Officer (MD/CEO) of the bank, said: “With economic activity picking up in the third quarter, following the gradual ease in the nationwide lockdown, we continued to leverage on our existing remote work policy to enhance workforce productivity while ensuring uninterrupted service delivery to both existing and new customers.

“Our performance continues to reflect positive results of strategic decisions and investments in our focus areas as we continued to record significant improvement in both funding and operational costs. Overall, we delivered a 7.2 per cent increase in operating income and a profit after tax of N7.37 billion despite prevailing uncertainties around COVID-19 and recent fiscal reforms.”

The CEO said a 26.2 per cent dip in fee income occasioned by the downward review of electronic banking fees, and slower loan origination due to the protracted lockdown was moderated by a 264.7 per cent spike in trading income.

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