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Thursday, April 13, 2017

SunTrust Bank soars in first year

The SunTrust Bank Nigeria Limited has released its financial performance for the year ended December 31, 2016, showing a clear message of determination to succeed and deliver value to all stakeholders, reports ITRealms.

SunTrust Bank, ITRealms gathered, began commercial banking activities last year with the vision to “offer high quality retail and commercial banking services in a modern and innovative manner” according to the Managing Director and Chief Executive Officer of the bank, Mr. Muhammed Jubrin.

“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 previously been impossible. We will offer telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity,” he declared.

And going by the results of the bank for 2016, the future is very bright for all stakeholders. The bank grew its bottom-line by 160.2 per cent as profit before tax (PBT) rose from N131.9 million to N343.34 million in 2016.

In all, the bank he said recorded net interest income of N935.892 million in 2016, 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) growth to 74.57 per cent from N121.844 million in 2015 to N212.707 million in 2016,” he said.

Ayo Midele/GEE
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