Sterling Bank: Impressive Growth In Profit Despite OPEX
February 3, 2020
10:56 am
Sterling Bank (Sterling) released its FY 2019 UNAUDITED report, with Gross Earnings coming in flat at ₦149.5bn, in line with our estimate of ₦149.5bn. Supported largely by moderation in Interest Expense (down 11% y/y) and growth in Net Fee and Commission Income (up 24% y/y), Pre-tax Profit grew 15% y/y to ₦10.9bn, significantly ahead of our estimate of 8.3bn.
The better than expected growth in Pre-tax Profit was due to the low-Interest Expense and higher than expected Net Trading Income (N5.1bn vs CSL Forecast of N2.6bn). EPS rose to N0.38 in FY 2019 (vs CSL Forecast of N0.27 and FY …
