Sterling Bank forecasts 43.43% profit decline, 56.83% cash balance shortfall in Q4 2020

WorldStage Newsonline– Sterling Bank Plc, Nigeria’s leading commercial bank has released its cashflow projection for the fourth quarter ending December 31, 2020 to the Nigerian Stock Exchange (NSE) with expected profit  after tax of N1.171 billion from a gross earnings of N46.730 billion as against a profit after tax of N2.07 billion in the first quarter of the year, a 43.43% decline.

The bank projected a 56.83% drop in cash/bank balance at the end of the period to N85,812,902,090.38 from N198,757,532,605.78 at the beginning of the period

However, the bank had maintained a strong capital and liquidity position recording 14.3% and 32.1% respectively above regulatory benchmark in Q1 2020.