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Sterling Bank has reported N11.02 billion in pre-tax profits for the full year ended December 31st, 2015, equivalent to 2.4 percent year-on-year rise, compared to the bank’s N10.75 billion profits in 2014.  

According to Sterling Bank’s latest results released at the Nigerian Stock Exchange on Monday, gross earnings rose 6 percent to N110.19 billion in 2015, compared to N103.68 billion in the previous year.

The bank said net interest income fell 8 percent to N39.54 billion last year, compared to N43.02 billion in the previous year. Total assets also fell 30 percent to N799.45 billion in 2015, compared to N824.54 billion in 2014.

For the 2015 full year, Sterling Bank earnings per share fell to 36 kobo compared with 42 kobo in 2014. The bank has proposed a dividend of 9 kobo per share.

Sterling Bank is a product of the merger of six Nigerian banks – NAL Bank, Magnum Trust Bank, NBM Bank, Trust Bank of Africa, Indo-Nigeria Merchant Bank, and Equitorial Trust Bank.

In 2011, Sterling Bank held discussions with FirstRand Bank, South Africa’s second largest bank after Standard Bank, over a possible takeover. However, both parties ended talks after failing to agree on mutually acceptable terms. In February 2015, Sterling Bank completed a special private placement in which Silverlake Investment Limited acquired a 25 percent stake in the bank for N19 billion.