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NSE Stock Analysis Center |
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Sterling Bank Swings to H1 Profit
(
28.07.10
) |
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| Nigeria's Sterling Bank said on Wednesday it swung to a 3.94 billion naira pre-tax profit in the first half of the year compared to a 7.04 billion naira pre-tax loss a year ago.
Gross earnings for the period, which ended June 30, dropped to 16.29 billion naira from 18.47 billion in the same period of last year, it said in a filing to the Nigerian Stock Exchange.
The bank said the profit growth was achieved through management of its cost-to-income ratio, which fell from 87 percent to 75 percent, and the writeback of credit provisions of 1.6 billion naira in the period.
Sterling Bank said it expected the profit trend to continue in the second half of the year.
"We expect to see growth in net loans and advances as well as a lifting of the pressure on interest margins driven by events in the wider economy with a payoff on earnings and shareholder returns," Executive Director Devendra Puri said.
Source: Reuters |
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