Sterling Bank Plc grew pre-tax profit to N8.02 billion in the third quarter as the commercial bank continued to leverage on operating efficiency to mitigate the disruptions caused by COVID-19 and tough operating environment.
Key extracts of the interim report and accounts of Sterling Bank for the nine-month period ended September 30, 2020 released yesterday at the Nigerian Stock Exchange (NSE) showed that pre-tax profit rose to N8.02 billion in third quarter 2020 as against N7.65 billion recorded in comparable period of 2019.
The bank reported a trading income of N7.1 billion for the third quarter 2020 compared with N1.9 billion for the corresponding period of 2019, representing an increase of 264.7 per cent. Gross earnings stood at N106.07 billion in 20202 as against N109.66 billion in 2019. After taxes, net profit closed third quarter 2020 at N7.37 billion as against N7.58 billion in third quarter 2019.