SunTrust bank records N1.51bn profit before tax for 2022

SunTrust bank records N1.51bn profit before tax for 2022

SunTrust Bank Nigeria Limited, a commercial bank, has reported a Profit Before Tax of N1.51bn for the year ending December 31st 2022, indicating a growth of 195.6% from the previous year’s loss of N1.58bn.

According to the bank’s audited financial results for 2022, total assets grew by 94.7% from N67.9bn to N132.3bn, while total deposit liabilities grew by 61.8% from N50.8bn to N82.2bn. Additionally, the bank’s net interest income grew by 514%, from N461.5m to N2.8bn.

Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank Nigeria, attributed the bank’s success in the past year to paying attention to customer needs and deploying technology and innovation-driven solutions to meet their aspirations.

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Buba emphasized the bank’s commitment to deepening mutually beneficial relationships with customers by providing excellent banking services and achieving the bank’s ambition of becoming the retail bank of choice within the shortest possible time.

SunTrust Bank Nigeria began operating as a regional commercial bank in 2016 after obtaining the Central Bank of Nigeria’s banking license.

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