Nigeria's Sterling Bank
said on Wednesday it swung to a 3.94 billion naira pre-tax profit in the first
half of the year compared to a 7.04 billion naira pre-tax loss a year ago. Gross
earnings for the period, which ended June 30, dropped to 16.29 billion naira
from 18.47 billion in the same period of last year, it said in a filing to the
Nigerian Stock Exchange.
The bank said the profit
growth was achieved through management of its cost-to-income ratio, which fell
from 87 percent to 75 percent, and the writeback of credit provisions of 1.6
billion naira in the period.
Sterling Bank said it
expected the profit trend to continue in the second half of the year.
"We expect to see growth
in net loans and advances as well as a lifting of the pressure on interest
margins driven by events in the wider economy with a payoff on earnings and
shareholder returns," Executive Director Devendra Puri said.
Jos, the Plateau state capital, boiled yet again recently leaving in the wake of it hundreds of lives lost and properties worth billions of Naira destroyed. A good number of those who survived crisis have been economically displaced and may have to start life all over again.
A number of people would have kept their dead parents in the mortuary for months, thereby delaying the natural process of decomposition, all for fear of kidnap in the southeast today.
Deregulation, the magic wand, we've been told is the only solution to our petroleum needs. Nigerians, the federal government insists, must embrace deregulation if they need petroleum products or face the fate of returning to the medieval era of using firewood and stones or at best acquire plenty of donkeys from northern Nigeria, if they must move around.
Hey Ladies, In the last publication we
talked about being independent as a lady and highlighted so many points, but we
want to continue exploring the independent state of mind placing emphasis on
when the quest for independence could turn into arrogance in homes or amidst
friends.
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