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Sterling Bank's profit rises 66% to P110.4M Wednesday, May 20, 2015

Manila Standard Today
By Julito G. Rada
 
STERLING Bank of Asia, one of the fastest-growing thrift banks, said net income in 2014 grew 66 percent t., P110.413 million from P66.645 million in 2013, boosted by strong core businesses.
 
"We are delighted by the robust financial performance of the bank, which we feel would continue this year and beyond," Sterling Bank president and chief executive Lamberto Villena said Wednesday.
 
Villena said the bank managed to grow its net income, on strong growth in core business buoyed by the country's economic growth.
 
Net revenue from funds rose 30 percent to P1.064 billion from P817 million in 2013, driven by higher interest income on loans and receivables and investment securities.
 
Total resources increased by P7.779 billion or 29 percent to P34.222 billion from the P26.443 billion as of end-2013.
 
The bank said the strong growth in assets was due to higher volume of investment securities portfolio, which grew P3.398 billion or 66 percent to P8.555 billion from P5.157 billion, while cash due from banks went up by P3.184 billion or 80 percent. 



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