Finance

SunTrust Bank declares N1.5bn profit for year 2022

SunTrust Bank declares N1.5bn profit for year 2022

SunTrust Bank Nigeria Limited, one of Nigeria’s fastest growing commercial banks, has declared a profit before tax of N1.5bn for the year ended December 31st 2022. This is contained in the bank’s 2022 audited financial result published on the bank’s website. This represents a 195.6 per cent growth in the bank’s profit before tax compared to FY 2021 results.

While the Bank’s total assets grew by 94.7 per cent from N67.9bn in 2021 to N132.3bn in 2022, total deposit liabilities grew by 61.8 per cent from N50.8bn in 2021 to N82.2bn exit 2022. In same vein, the Bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, representing a 514 per cent growth.

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Speaking to journalists recently at the bank’s Victoria Island head office, the Managing Director and Chief Executive Officer, Halima Buba, pointed out that the Bank’s success in the past year can be attributed to paying attention to customer needs in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers aspirations. She also expressed gratitude to the board of directors, management and the customers who have kept faith with the bank in the past years.

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She further reiterated the bank’s commitment to further deepen mutually beneficial relationships with customers, in view of delivering excellent banking services and living up to the bank’s ambition of becoming the retail bank of choice within the shortest possible time.

SunTrust Bank started commercial banking operations in 2016, after securing the Central Bank of Nigeria (CBN) banking license in 2016 to operate as a regional commercial bank.

Ever since, the Bank has consistently provided banking support to a well-diversified spectrum of customers in the last 7 years.

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The Bank currently has 5 branches spread across Lagos, FCT, Rivers and Akwa Ibom, and supported by a growing Agency Banking Network. The Bank is reputed for supporting Micro, Small and Medium Enterprises (MSMEs) with low interest funding to grow their businesses while also innovating products to cater for the needs of the wider banking population, including medium to large corporations and governments. SunTrust Bank also offers Sharia compliant banking products through its dedicated Non-Interest Banking Window.

Sunnews

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