Sterling Bank Gross Earnings decline by -13.04%

By Yakubu LAAH investadvocate

Oct 27 2010 15.20 GMT

Lagos (INVESTADVOCATE)-Sterling Bank Plc (Sterling) has recorded a decline of 13.04 percent (-13.04%) in its Unaudited Third Quarter (Q3) result for the period ended September 30 2010 made available today Wednesday October 27 2010 at the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

To record this decline, the Bank in the review period posted a Gross Earnings of N23.145 billion in Q3 of year 2010 compared to N26.617 billion recorded in the same period of year 2009.

 

Also, the Bank reported a Profit After Tax (PAT) of N5.343 billion in Q3 period ended September 2010 compared to negative (N6.754 billion) in the Q3 of year 2009; indicating a PBT of 179.11%.

 

While Profit Before Tax (PBT) of the Bank moved from (N7.024 billion) negative in the Q3 of year 2009 to N5.674 billion in Q3 of year 2010 indicating a growth of 180.78% in the review period.

 

ECOBANK Plc (ECOBANK) on its part reported N869 million PAT in Q3 of year 2010 compared to negative N8.280 billion recorded in the same period of year 2009 indicating a Profit of 110.50%.

 

Also, PBT of the Bank moved from negative (N8.905 billion) in Q3 of year 2009 to N1.200 billion in the corresponding period of year 2010; representing a PBT of 113.48%.

 

Gross Earnings for the review period stood at N36.873 billion in Q3 of year 2010 compared to N45.137 billion in the same period of year 2009 showing a drop in Gross Earnings by -18.30%.

 

In the same vein, Ecobank Transnational Plc (ETI) has reported N12.293 billion PAT in its Unaudited Q3 report for the period ended September 30 2010. The PAT of the Bank rose to N12.293 billion in Q3 of year 2010 from N9.189 billion in the corresponding period of year 2009; showing arise of 33.78%.

 

While PBT increased from N14.007 billion in Q3 of 2009 to N17.827 billion in the same period of year 2010 representing an increase of 26.64% in the period under review.

 

Gross Earnings grew slightly by 1.46% where ETI reported N93.559 billion in Q3 of 2010 compared to N92.209 in the same period of year 2009.

 

First City Monument Bank Plc (FCMB) declared N4.575 billion PAT for the Q3 period ended September 30 2010 compared to N223.600 million it recorded in the corresponding period of year 2009 showing an increase in PAT of the Bank by 1946.06%.

 

PBT on its part rose from N298.133 million in Q3 of 2009 compared to N6.101 billion in the review period indicating a rise of 1946.40%.

 

While Gross Earnings declined from N55.017 billion in Q3 of year 2009 to N44.549 billion in the same period of year 2010 showing a loss of 19.09%.

 

Skye Bank Plc on its part grew profit by 181.91% in Q3 result ended September 2010. To record this, the Bank’s PAT grew from a negative (N10.441 billion) in Q3 0f year 2009 to N8.552 billion in the same period of year 2010.

 

While PBT also improved from negative N9.855 billion to an appreciable N10.720 billion in Q3 of year 2010 showing an appreciation of 208.78%.

 

However, the Bank’s Gross Earnings dropped from N80.023 billion in Q3 of year 2009 to N66.165 billion in the corresponding period of year 2010; indicating a drop of  -17.32% in the review period.

 

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