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Sterling Bank net earnings rise Thursday, May 21, 2015

Published: Business World
By Imee Charlee C. Delavin
STERLING Bank of Asia (Sterling Bank) saw its net income nearly double in 2014 on the continued expansion of its main businesses. 

The thrift bank managed by the Tin family raked in a P110.413-million net earnings last year, up 66% from the P66.645 million it booked in 2013, it said in a state-ment yesterday. 

Sterling Bank President and Chief Executive Officer Lamberto R. Villena said "the bank man-aged to grow its net income due to the strong growth in its core business buoyed by the country's economic growth."

 "We are delighted by the ro-bust financial performance of the bank, which we feel would continue this year and beyond," Mr. Villena was quoted as saying in the statement. 

The bank said its net earnings translated to a 5.22% from 3.63% return on equity, or the net in-come earned as a percentage of stockholder investment, which is a key measure of performance. 

Its stockholder's equity also increased 44% to P2.501 billion, mainly driven by the shareholders' capital infusion of P507 million. 

Its net revenue from funds expanded by 30% to P1.064 billion from P817 million the preceding year on the back of higher gains from its lending and securities businesses.

Sterling Bank's total loans and receivables, net of impairment and credit losses, also went up 4% to P16.853 billion from P16.272 billion due to the expansion in the bank's consumer loans, which went up by 37% to P5.759 billion from the P4.198 billion booked in 2013. 

The growth in consumer lending, Sterling Bank said, was driven by household borrowings to finance home or car purchases and personal loans. 


The bank's total deposits also rose by 29% to P29.365 billion from P22.778 billion as all its deposit products — such as time, demand and savings — also posted growth, capping the year at P21.643 bil-lion, P5.498 billion and P2.224 billion, respectively. 

Sterling Bank's total resources went up 29% to P34.222 billion from the P26.443 billion recorded at end-2013, attributed to higher volume of its investment securi-ties portfolio, which jumped 66% to P8.555 billion. 

Its capital adequacy ratio —a measure of a bank's financial strength — stood at 12.07%, well above the central bank's regula-tory requirement. 

Sterling Bank said it expanded its distribution channels for loans and investment products last year as its branch network also increased to 41 branches in 2014 from the 38 branches re-corded at the end of 2013. 

Moving forward, the bank said its strategy and focus "will continue to be conservative and at the same time sensitive to changes in the external environment, while competing strongly in all the markets and segments it serves." 

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