Sterling Bank’s recent results.
May 21st, 2008 Ugonna Maduagufor || ugonna@stockmarketnigeria.com
(by Ugonna Maduagufor)
Sterling Bank Plc early this week released to the Nigerian Stock Exchange house, two accounting period results: (1) an Unaudited Result for six months ended March 31, 2008; and (2) a fully Audited Annual Account for the year ended September 30, 2007. The more recent one being the six months unaudited report may have been geared towards conforming with the- Central Bank of Nigeria’s directive for banks to harmonise there annual accounting periods to end on the 31st of December.
The unaudited six months ended March 31st 2008 eanings result shows: a PROFIT AFTER TAXATION of N3.081b as against year 2007 comparable periods N1.112b, indicating a 177 percent growth; a GROSS EARNINGS of N17.391b being a 79 percent improvement on previous years comparable period’s figure of N9.704b;
a PROFIT BEFORE TAXATION of N3.690b, as agianst a year 2007 comparable periods N1.329b, indicating a 178 percent growth too.
While, the fully audited annual account for the year ended September 30th 2007 including previous year 2006 nine months period (ended 30th September 2006), earnings result shows: a PROFIT AFTER TAXATION of N1.938b as against year 2006 nine-month period’s figure of N1.073b; a GROSS EARNING of N23.864b as against a previous year’s nine-months figure of N12.857b; a PROFIT BEFORE TAXATION of N2.226b as against previous year’s nine-months period posting of N728.181m.
The accounting periods harmornisation policy introduced by the Central Bank, is meant to control the reported practice whereby banks take advantage of variations in account reporting periods, to borrow funds from their peers in order to beef up their individual accounts just before the end (closing) date of their financial reports period, thereby deceiving the public on the true financial health status of the bank.
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