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HomeBanking & FinanceSunTrust Bank posts N1.5b full year profit before tax

SunTrust Bank posts N1.5b full year profit before tax

SunTrust Bank Nigeria Limited has reported a Profit Before Tax (PBT) of N1.5 billion for the financial year ended December 31, 2023.

In a statement, the bank said details of its financial performance disclosed in the its 2023 audited Financial Results and available on its official website, showed the PBT increase by a modest one per cent increase compared to the previous year. The performance also reflects its continued profitability over recent years.

The bank’s total assets reached N133 billion at the end of 2023, up from N132 billion in 2022. Total deposit liabilities grew from N82 billion in 2022 to N104 billion in 2023, representing 21 per cent increase.

Similarly, net interest income doubled from N2.8 billion in 2022 to N5.4 billion in 2023, indicating a 100 per cent rise, while its share capital rose from N11.8 billion in 2022 to N20 billion in 2023, representing 41 per cent increase.

“SunTrust Bank’s achievements over the past two years can be attributed to its focus on addressing customer needs within a constantly evolving operational landscape. By leveraging technology and innovation, the Bank has effectively met customer aspirations and delivered tailored solutions,” the bank said.

SunTrust Bank disclosed that since it commenced commercial banking operations in 2016, following the acquisition of a Central Bank of Nigeria (CBN) license to operate as a regional commercial bank, it has consistently supported a diverse range of customers over the past seven years.

The bank operates five branches located in Lagos, the Federal Capital Territory (FCT), Rivers, and Akwa Ibom, bolstered by a growing Agency Banking Network.

Renowned for its support of Micro, Small, and Medium Enterprises (MSMEs), SunTrust Bank provides low-interest funding to help businesses grow. The bank continues to innovate its product offerings to cater to the broader banking population, including medium to large corporations and government entities. Additionally, SunTrust Bank offers Sharia-compliant banking products through its dedicated Non-Interest Banking Window.

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