Sterling Bank Plc, has reported a net interest income of N33.5 billion during the half-year ended June 30, 2020, as against N30.4 billion during the corresponding period of 2019, representing a growth of 10.1 per cent. The lender closed the half-year with a trading income of N3.9 billion as against N1.2 billion for the corresponding period of 2019, representing a remarkable increase of 242.8 per cent. “Our commitment to digitisation was validated as we continued to serve existing and new customers through our mobile and digital platforms. We also responded to the uncertainty by doubling down on cost optimisation while leveraging our existing remote work policy to keep our workforce productive without risking COVID-19 infection. Suleiman noted that although interest income declined by 4.3 per cent, this was offset by an 18.1 decline in interest expense, thereby delivering a 130 bps drop in the cost of funds and consequently, a 60-bps reduction in net interest margin.

Source: Nigerian Tribune August 03, 2020 17:48 UTC