Lagos — Gross earnings of Sterling Bank Plc in 2011 improved by 49 percent to close at N45.2 billion as against N30.4 billion it recorded in 2010, the Chief Executive Officer, Mr. Yemi Adeola has said.
Presenting the company's 2011 financials at its 50th Annual General Meetings yesterday in Lagos, Mr. Adeola said the profit after tax of the bank increased by 11 percent to N4.6 billion as against the N4.2 billion achieved in 2010.
Its profit after tax and exceptional item rose by 60 percent to N6.7 billion from N4.2 billion in 2010.
He also noted that the bank's return on average equity improved by 3 percent, ending at 20 percent from 17 percent in 2010.
The bank's total assets (including contigencies) grew by 89 percent to N583.1 billion as against the N308.5 billion in 2010 while loans and advances rose by 60 percent to N163.5 billion in 2011 as against N101.9 billion in 2010.
Customers deposit also doubled to N406.5 billion, he said.