Sterling Bank PLC said its gross revenue for the third quarter of the year fell to NGN79,6 billion to compared NGN81,8 billion the company reported last year.
Profit before tax fell to NGN6,0 million compared to NGN8,3 billion. Net profit for the period fell to NGN5,5 billion. The bank has seen a major dip in its profit when compared to NGN7,5 billion posted last year.
The challenges confronting several business in the economy has increased its impairment loss NGN7,1 billion compared to NGN5,2 billion provision made last year.
Total asset at the end of the period rose to NGN890 billion versus its total liabilities NGN809 billion.
Following the consolidation reforms introduced and driven by the Central Bank of Nigeria in 2004, the Bank emerged from the consolidation of NAL Bank Plc, Indo-Nigerian Bank Limited, Magnum Trust Bank Plc, NBM Bank Limited and Trust Bank of Africa Limited.
NAL Bank Plc as the surviving bank adopted a new name for the enlarged entity, ‘Sterling Bank Plc’. The Directors present their third quarter report on the affairs of Sterling Bank Plc, together with the unaudited financial statements for the period ended 30 September, 2016.
In October, 2011, the Bank had a business combination with Equitorial Trust Bank Limited to re-position itself to better compete in the market space. The Bank has 183 branches and cash centres as at 30 September 2016. In compliance with the CBN guidelines on the review of the Universal Banking model, the Bank divested from its four subsidiaries and one associate company on 30 December, 2011.