Sterling Bank reports disappointing 2016 result, after tax profit drops by 49.7%

Sterling Bank reports disappointing 2016 result, after tax profit drops by 49.7%

 
STERLING Bank Plc has declared disappointing result in its financial statement for the year ended 31th December 2016.
The lender on Thursday released its 2016 result to the Nigerian Stock Exchange (NSE) in Lagos, as profit after tax declined by N5.113 billion represented 49.67 percent, from N10.293 billion in 2015 to N5.180 billion at the end of 2016 financial year.
The seventh bank to release its 2016 full year result to the investing public so far declared a decline of N3.800 billion in its retained earnings which represented 37.84 percent dropped. Sterling Bank Plc retained N10.042 billion of its earnings in 2015 down to N6.242 billion in 2016 financial year.
Its earning per shares dropped from 0.36 kobo to 0.18 kobo in 2016, amounted to 0.18 kobo or 50 percent.
Although, gross earnings of the bank rose slightly by N1.044 billion or 0.95 percent. It reported N110.194 billion in 2015 increased to N111.238 billion at the end of 2016 financial year.
Customers of Sterling Bank deposited N584.734 billion in 2016 lower than N590.889 billion deposited in 2015 financial year. While its loans and advances to customer rose by 38.24 percent in 2016, to N468.249 billion from N338.726 billion it loaned its customers in 2015.
Its total assets increased to N830.802 billion, from N799.451 billion, which represented N31.351 billion rise.
The lender’s liabilities increased from N745.123 billion in 2015 to N748.529 billion at the end of current financial year.
Total non-performing loans as percentage of gross loans stood at 9.9 percent from 4.8 percent recorded in 2015 financial year.