SunTrust Bank declares 1.5bn profit for 2022 fiscal year

SunTrust Bank Nigeria’s Profit Before Tax for 2022 Fiscal Year

SunTrust Bank Nigeria Limited, a rapidly expanding commercial bank in Nigeria, has announced a Profit Before Tax of N1.5bn for the year ended December 31st 2022. The Bank’s 2022 Audited Financial Result has been published on its website.

Significant Growth in Profit Before Tax

Compared to FY 2021, the bank’s profit before tax has grown by 195.6%, representing significant growth.

Impressive Growth in Total Assets and Deposit Liabilities

The Bank’s total assets grew by 94.7% from N67.9bn in 2021 to N132.3bn in 2022. Similarly, the bank’s total deposit liabilities grew by 61.8% from N50.8bn in 2021 to N82.2bn at the end of 2022.

Substantial Increase in Net Interest Income

The Bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, indicating a remarkable 514% growth.

Managing Director and CEO’s Remarks

Hajiya Halima Buba, the Managing Director and Chief Executive Officer of the Bank, attributed the Bank’s success in the past year to paying attention to customer needs and deploying technology-driven solutions to meet customer aspirations. She expressed appreciation to the Board of Directors, Management and the customers who have supported the Bank in the past years.

Future Commitments

The Bank’s CEO reiterated the Bank’s commitment to building deeper relationships with customers and delivering excellent banking services. She also expressed the Bank’s ambition to become the retail bank of choice in the shortest possible time.

SunTrust Bank’s History and Operations

SunTrust Bank started operating as a commercial bank in 2016 after obtaining a banking license from the Central Bank of Nigeria (CBN). The bank has served a diverse range of customers over the past seven years and currently has five branches in Lagos, FCT, Rivers, and Akwa Ibom. It is supported by an expanding Agency Banking Network.

SunTrust Bank is reputed for supporting Micro, Small and Medium Enterprises (MSMEs) with low-interest funding to grow their businesses while also innovating products to cater for the needs of the wider banking population, including medium to large corporations and governments. Additionally, SunTrust Bank offers Sharia-compliant banking products through its dedicated Non-Interest Banking Window.