SunTrust Bank’s deposits hit N4.2b
SunTrust Bank Nigeria Limitedd has grown its customers deposits from N788.6 million in 2015 to N4.2 billion in 2016, its financial performance for the year ended December 31, 2016 has shown.
The bank also grew its bottom-line by 160.2 per cent as profit before (PBT) rose from N131.9 million to N343.34 million in 2016.
The lender also recorded net interest income of N935.892 million during the period under review, up from N220 million in 2015, while net fee and commission income improved from N65.389 million to N92.378 million in 2016.
SunTrust Bank ended the year with a profit after tax (PAT) that grew by 74.57 per cent from N121.844 million in 2015 to N212.707 million in 2016. Consistent with its conservative risk profile, the bank maintained its strong liquidity position, with cash and short-term funds accounting for 32 per cent of its total assets.
The bank recorded a rapid growth in deposits by 425 per cent in four months, a clear demonstration of the success of its business strategy.
Deposits from customers rose to N4.195 billion from a record N788.583million in 2015. The bank’s PBT and PAT margin improved from 9.2 per cent and 8.4 per cent in 2015 to 26.9 per cent and 16.7 per cent in 2016 respectively.
A report released by the lender, showed that the 2016 performance sent a clear message of determination to succeed and deliver value to all stakeholders.
Its Managing Director/Chief Executive Officer, Muhammed Jubrin, disclosed that SunTrust Bank began commercial banking activities with the vision to “offer high quality retail and commercial banking services in a modern and innovative manner. “We will use technology and a new way of thinking to provide banking services to many people and businesses in Nigeria for whom access to a bank account has been impossible. We will offer telephone, mobile and internet banking underpinned by the traditional banking ethics of probity and integrity,” he said.
He said going by the results of the bank for last year, the future is bright for all stakeholders.
Jubrin said the lender is the first fresh banking licence to be issued by the Central Bank of Nigeria (CBN) since 2001.
According to him, SunTrust Bank started about seven years ago as a mortgage bank, noting that board and management were able to grow its balance to a reasonable size before they decided to pursue a commercial banking licence from the CBN which they got in September of 2015.