SunTrust Bank Nigeria Limited, a commercial bank, has reported a Profit Before Tax (PBT) of N1.51bn for the financial year ending on December 31st, 2022. This represents a significant growth of 195.6% in PBT when compared to the 2021 figure, which was a loss of N1.58bn.
The bank’s 2022 Audited Financial Result shows that its total assets grew by 94.7%, rising from N67.9bn in 2021 to N132.3bn in 2022, and its total deposit liabilities grew by 61.8%, increasing from N50.8bn in 2021 to N82.2bn in 2022.
Additionally, the bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, indicating a significant growth of 514%. The Managing Director and Chief Executive Officer, Halima Buba, attributed the bank’s success to paying attention to customer needs, deploying innovative technology solutions, and providing excellent banking services.
Buba expressed the bank’s commitment to strengthening its mutually beneficial relationships with customers, striving to become the retail bank of choice. SunTrust Bank Nigeria Limited obtained a regional commercial banking license from the Central Bank of Nigeria and commenced commercial banking operations in 2016.
