Sterling Bank's gross profit grows 26 per cent

Yemi Adeola, Sterling Bank MD

Yemi Adeola, Sterling Bank MD

Nigeria’s Sterling Bank plc has announced its third quarter result for 2013, that showed pre-tax profit rising by 26.1 per cent to 6 billion naira, from N4.8billion for the same period last year.

Gross earnings at the lender also grew 31.4 percent year-on-year to 65.1 billion naira up to September 30, compared with 49.6 billion naira in the same period a year earlier, the bank said in a statement sent to the Nigerian Stock Exchange in Lagos.

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Profit after tax stands at N5 billion and net profit N4.8 billion. The net profit rose about 4.7 per cent over the N4.6 billion recorded for the same period last year.