Sterling, Zenith banks record higher Q1 profits

Nigeria’s Sterling Bank said on Monday its first quarter pretax profit rose 14 percent year-on-year to 4.04 billion naira ($20 million).

Revenue also rose to 27.22 billion naira in the three months to end-March from 24.71 billion naira last year, the bank said in a statement without giving a reason for the rise in earnings.

The trend was the same for Zenith Bank. It said on Monday its first quarter pretax profit rose 14.5 percent year-on-year to 33.12 billion naira ($166 million).

Turnover also rose to 113.32 billion naira compared with 94.32 billion naira the previous year, the bank said in a statement without giving a reason for the increase in earnings.