BY DAYO ADESULU
Nigeria’s top commercial bank and one of Africa’s fastest-growing businesses, Sterling Bank, has announced a 28.5 percent increase in its 2022 profit after tax.
In contrast to the N15 billion declared by the bank for the end of the 2021 financial year, the bank’s profits increased to N19.3 billion for the year ending December 31, 2022.
This information was included in the bank’s results announcement that was provided to the Nigerian Exchange (NGX).
Sterling’s assets grew assets by 14.4 percent to end 2022 with N 1.858 trillion, from N 1.624 trillion at the end of 2021. Also, its gross earnings for the period jumped by 16.6 percent to N 175 billion from N 150 billion recorded in 2021.
The bank also reported an increase in customers’ deposits in 2022, N 1.327 trillion; a 9.8 percent increase compared to 2022. Furthermore, the bank closed out its net operating income at N 108 billion; a 20.9 percent increase compared to 2021’s of N89 billion.
Reflecting on the year’s performance, Chief Executive of Sterling Bank, Abubakar Suleiman, said “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally. These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our environment and continued to deliver value.”
The reported figures, as shared with the Nigerian bourse, mark a fitting swan song for a spectacular 2022 which saw the bank, amongst other achievements, get named as the Best Bank In Nigeria by an independent survey conducted by AFRINVEST, win the prestigious Great Place To Work Award for the fifth consecutive year, and win the football championship of the Nigerian Bankers’ Games.
The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, having been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023, and most recently, has debuted as one of the top 100 fastest growing companies in Africa by the Financial Times.
Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the
economy, its irreverent brand voice and enviable talent management practices, Sterling recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).