For the year 2016, deposit in Sun Trust Bank increased by 432 per cent, making it possible for the bank to declare profit before tax of N343 million, an increase of 160.3 per cent over the N131.9million reported in 2015.
Meanwhile its Income tax expense moved from N10 million to N130.6 million to leverage profit after tax gain of 74.6per cent to N212.7 million from N121.8 million in 2015.
Earnings per Share (EPS) gained 12.5 per cent to N0.18 in 2016 from N0.16 recorded in 2015. Following the above, return on equity (ROE) moved from 1.2 per cent to 2per cent.
According to the Bank, despite the 2016 recession that led to severe macro economy challenges, the bank recorded growth in customer deposits through its broad range of financial services and products to individuals, small businesses, corporation and the government.
It will be recalled that the bank’s Chief Executive, Muhammed Jubrin, recently assured operators in the small and medium scale enterprises sector that the bank will focus on the small businesses by availing financing and thus ensuring that the sector plays its pivotal role in the economy.
Jubrin said: “In line with our strategy, we are going to drive SMEs transactions certainly and part of our strategy is retail banking, we want to create a retail bank of choice and certainly SMEs is the engine room for the growth of any economy and to provide financing services, to support the SMEs will be the only way, we can support the growth of the economy and particularly in line with the vision of the CBN and the current administration”
Commenting further on the operations of the bank, the CEO explained that: “We will offer telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity.”
“Our services will be available to our customers 24 hours daily, seven days a week and from anywhere in the world where there is a good Internet service.
