Suntrust Bank Anticipates 1.5Bn Profit for the Fiscal Year 2022.

Suntrust Bank anticipates 1.5bn profit for the fiscal year 2022.

SunTrust Bank Nigeria Limited, a commercial bank, reported a profit before tax of N1.5 billion for the fiscal year that concluded on December 31st, 2022. Its 2022 audited financial result includes this. Comparing these statistics to FY 2021’s, there has been a profit before tax growth of 195.6%.

NewsReport gathered that the bank’s total assets increased from N67.9 billion in 2021 to N132.3 billion in 2022, a growth of 94.7%, whereas its total deposit liabilities increased from N50.8 billion in 2021 to N82.2 billion in 2022, a growth of 61.8%. Similar to this, its net interest income increased by 514% from N461.5 million in 2021 to N2.8 billion in 2022.

Speaking to journalists recently at its Victoria Island Head Office, this online information learned that Suntrust Bank’s Managing Director and Chief Executive Officer, Hajiya Halima Buba, pointed out that the bank’s success in the past year “can be attributed to paying attention to customer needs in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers’ aspirations.”

She reiterated its commitment to further deepen mutually beneficial relationships with customers by delivering excellent banking services and living up to its ambition of becoming the retail bank of choice within the shortest possible time. NewsReport indicated.

SunTrust Bank started commercial banking operations in 2016, after securing the Central Bank of Nigeria (CBN) banking license to operate as a regional commercial bank, and currently has five branches spread across Lagos, FCT, Rivers, and Akwa Ibom states.

With a growing agency banking network, the bank is reputed for supporting micro, small, and medium enterprises (MSMEs) with low-interest funding while also innovating products to cater for the needs of the wider banking population.