Sterling Bank Reports 4% Profit Drop on Higher Credit Loss Expense

Tier-two lender Sterling bank has reported second quarter (Q2) 2020 results which came in lower by 4 percent, compared to the earlier period, on a 165 percent rise in credit loss expense on financial assets.

Profit for the period was N5.4 billion, compared to N5.6 billion in 2019.

Meanwhile, credit loss expenses on financial assets surged to N6.45 billion from N2.42 billion a year ago.

Loans and advances by Sterling Bank to customers fell marginally to N615 billion in the period from N681 billion, while total assets hit N1.29 trillion from N1.18 trillion.

Sterling bank shares are down 47 percent in the past year.