Sterling Bank Plc, a Nigerian lender, said net profit for the first quarter to March rose 4.5 percent as net interest income increased.
Profit after tax was increased to N3.2 billion, driven by a net interest income growth of 20.5 percent in the period.
Abubakar Suleiman, the bank’s CE O, in a note to investors, said the results showed the bank’s effective funding optimiSation and drive for efficiency in the face of headwinds in the economy.
Net interest income increased to N14.93 billion compared to N12.39 billion posted in the corresponding period of 2018 and was supported by an 18.3 percent decline in interest expense, resulting in a net interest margin of 7.4 percent, up from 6.2 percent in the preceding year.
“Our performance in the first quarter reflects the resilience of our business model,” Suleiman said. ‘’Despite the slow-growth environment, owing to election activities, we delivered a strong base for growth in 2019.”
