Sterling Bank Plc recorded Net trading income increased to N7.05 billion in nine months in 2020.
However, the bank’s gross earnings declined by N160.07 billion compared to N109.66 billion within same period in 2019 – a decline of 3.28%.
In its financial statement, the bank recorded increased revenues from two of its earnings-generating units – trading income and other operating income.
Gross earnings, however, declined in the period under consideration.
Below are the bank’s key highlights for 2020 9M
Gross earnings declined to N160.07 billion, -3.28% YoY
- Interest income declined to N88.69 billion, -6.72% YoY
- Net fees and commission income from interest income declined to N7.87 billion, -26.21% YoY
- Net trading income increased to N7.05 billion, +264.72% YoY.
- Other operating income increased to N2.46 billion, +23.89% YoY
- Total expenses declined to N48.87 billion, -3.33% YoY.
- Pre-tax profits increased to N8.02 billion, +4.88% YoY.
- Earnings Per Share remained 26 kobo, +0% YoY.
By implication, the 3.33% decline in total expenses amounting to N1.69 billion in conjunction with the massive increase from trading and operating income catered for the decline and ensured the company reported increased pre-tax profits.