Sterling Bank Plc has reported a profit after tax of N5.69bn for the first half of 2021, up from N5.42bn in H1 2020.
The bank said in a statement that its gross earnings for the half-year ended June 30, 2021, was N68.61bn, compared to N66.54bn in the corresponding period of 2020.
The Managing Director and Chief Executive Officer, Sterling Bank, Mr Abubakar Suleiman, said the bank’s net interest income also appreciated by 2.62 per cent to close at N30.99bn from N30.19bn for the corresponding period of 2020.
He said its net fees and commission income rose by 57.738 per cent to finish the first half of the year at N8.37bn as against N5.305bn in the same period of 2020.
The bank said its cash and balances with the Central Bank of Nigeria stood at N331.75bn as at June 30, 2021 as against N303.314bn during the corresponding period in 2020.
It said loans and advances to customers grew to N646.88bn in H1 2021 from N596.83bn during the corresponding period of last year.
Sterling Bank added that its earnings per share rose to 20 kobo from 19 kobo, while non-performing loans closed the mid-year at 1.79 per cent as against 1.90 per cent in 2020.