Sterling Bank Plc said its profit after tax in the first quarter of the year increased by 95 percent, while its profit before tax increased by 85 per cent.
Its earnings per share rose by 89 per cent from 9.0 kobo recorded in the first quarter of 2012 to 17 kobo in first quarter 2013. The first quarter report, prepared in line with the International Financial Reporting Standards (IFRS), showed gross earnings of N19.84 billion as against N16.21 billion recorded in comparable period of 2012.
Profit before tax jumped from N1.63 billion to N3.02 billion while profit after tax leapt to N2.72 billion as against N1.39 billion.
The Bank’s deposits increased by 13.1 per cent within the three months from N466.85 billion recorded in December 2012 to N528.10 billion in March 2013, while its total assets grew by 11 per cent to N645.07 billion as against N580.23 billion recorded in December 2012.
Source: Daily Trust
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