News Summary:
- SunTrust Bank Nigeria reported a profit before tax of N1.51 billion in 2022, a 195.6% increase from its N1.58 billion loss in 2021.
- Total assets and deposit liabilities rose significantly, while net interest income experienced a 514% growth.
- The bank’s success is attributed to focusing on customer needs and deploying innovative technology-driven solutions.
SunTrust Bank Nigeria Limited, a commercial bank, said that it made a profit before taxes of N1.51 billion for the year that ended on December 31st, 2022. This result represents a gain of 195.6 percent in the bank’s profit before taxes when compared to the figure for 2021, which was a loss of N1.58 billion.
This information was presented in the 2022 audited financial result of the bank.
Similarly, the total assets of the Bank increased by 94.7 percent from N67.9 billion in 2021 to N132.3 billion in 2022, while the total deposit liabilities increased by 61.8 percent, going from N50.8 billion in 2021 to N82.2 billion in 2022.
The bank’s net interest income increased at a growth rate of 514 percent, going from N461.5 million in 2021 to N2.8 billion the following year.
When speaking about the results of the bank, 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.” Halima Buba was commenting on the results of the bank.
Buba reaffirmed the bank’s dedication to cultivating long-term, mutually beneficial relationships with customers by providing superior banking services and living up to the bank’s goal of becoming the retail bank of choice in the shortest amount of time feasible.
After successfully obtaining a banking licence to function as a regional commercial bank from the Central Bank of Nigeria in 2016, SunTrust Bank launched its commercial banking activities in the country.