Sterling Bank Plc on Thursday released its first quarter result for the period ended March 31, 2019. ‘The One Customer Bank’ recorded 4.52% growth in its Profit after Tax (PAT) as it closed at N3.24 billion compared to the previous PAT of N3.1 billion in the First Quarter of 2018.
The Gross Earnings of the group for the period under review declined by 8.23% YoY to close at N36.49 billion against the previous close of 39.76 billion in Q1’18.
Interest Income for the period under review stands at N30.79 billion which is 3.19% decline compared to the previous Interest Income of N31.8 billion in Q1’18. Interest expense was down by 18.3% bringing Net interest income to close at N14.93 billion.
Profit before tax (PBT) increased by 3.09% to close at N3.273 billion compared to the previous PBT of N3.175 billion.
The earnings per share (EPS) for the period under review is 11 kobo, same as the previous EPS in Q1’18.
With reference to the share price of N2.7, the PE ratio of Sterling Bank in Q1’19 stands at 24.55x with earnings yield of 4.07%.