Nigeriaquotes Sterling Bank swings to H1 profit
Nigeria - Corporate - 07-29-2010

Nigeriaquotes Sterling Bank said on 28 July 2010 it swung to a NGN 3.94bn (USD 26m) pre-tax profit in H1 of the year compared to a NGN 7.04bn pre-tax loss a year ago. Gross earnings for the period, which ended 30 June 2010, dropped to NGN 16.29bn from NGN 18.47bn in the same period of 2009, 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% to 75%, and the writeback of credit provisions of NGN 1.6bn in the period. Sterling Bank said it expected the profit trend to continue in H2 of the year. quoteWe 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,quote Executive Director Devendra Puri said.

Source: Reuters