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EARNINGS PRESS RELEASE

April 03, 2013

STERLING BANK PLC RELEASES AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2012
Gross Earnings rises 51% to N68.9 billion
Lagos, April 03, 2013 Sterling Bank Plc (NSE: STERLNBANK/ Reuters: STBP.LG) the Bank - today reported its audited results for the year ended December 31, 2012.

Speaking on the results, Yemi Adeola, Managing Director / CEO said: I am delighted with the Banks 2012 performance, given the marked improvement in profit from core operations which rose by 108% to N7.5billion from N3.6billion in 2011. This reflects the enhanced capacity of the Bank following the business combination with ETB. This performance was driven by a 66% growth in interest income. Significantly, we also recorded a 100 basis point improvement in our asset quality with the non-performing loan ratio down to 3.8% in 2012 despite a 42% growth in loans to N229.4 billion. Going into 2013, our goal is to reduce our cost of funds, enhance our brand presence in our target markets and improve operating efficiency. To this end, we plan to raise an additional US$200 million through the issuance of equity instruments. We have also revamped our retail strategy through a number of initiatives for low end customers. Our physical infrastructure is being upgraded to capture a high-street retail look and feel; and restructured along the lines of hub (generic) and spoke (targeted) delivery platforms. Management is optimistic that these initiatives will make the Bank more efficient and profitable. Finally, the Board of Directors has proposed a dividend of 20 kobo per share subject to the approval of shareholders at the Annual General Meeting.

Financial Highlights for the Year Ended December 31, 2012 Income Statement Gross earnings rose 51% to N68.9 billion (FY 2011: N45.7 billion) Net interest income rose 43% to N23.9 billion (FY 2011: N16.7 billion) Non-interest income increased 14% to N15.3 billion (FY 2011: N13.4 billion) Net operating income after impairment loss rose 51% to N39.5 billion (FY 2011: N26.1 billion) Operating expenses increased 56% to N32.0 billion (FY 2011: N20.5 billion) Adjusted for income from discontinued operations (sale of subsidiaries) Profit before tax grew 108% to N7.5 billion (FY 2011: N3.6 billion)

Statement of Financial Position Total assets increased 15% to N580.2 billion (Dec. 2011: N504.0 billion) Customer deposits increased 18% to N463.7 billion (Dec. 2011: N392.0 billion) Net loans & advances grew 42% to N229.4 billion (Dec. 2011: N162.1 billion) Shareholders funds rose 14% to N46.6 billion (Dec. 2011: N41.1 billion)

Financial Ratios Net interest margin of 5.2% (FY 2011: 5.0%) Non-performing loan ratio of 3.8% (Dec. 2011: 4.8%) Net Loan-to-deposit Ratio of 49.5% (Dec. 2011: 41.3%) Annualized Return on Average Equity of 15.9% (FY 2011: 20.5%) Cost-to-income ratio of 81.0% (FY 2011: 78.4%) Liquidity Ratio stood at 67.3% (Dec. 2011: 64.0%)

CONTACTS
Investor Contacts
Abubakar Suleiman M: +234 803 535 1172 E: abubakar.suleiman@sterlingbankng.com Yemi Odubiyi M: +234 803 535 0991 E: yemi.odubiyi@sterlingbankng.com Shina Atilola M: +234 802 342 3011 E: shina.atilola@sterlingbankng.com

Media Contact

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012 2012 N'000 Interest income Interest expense Net interest income Fees and commission income Net fee and commission Net trading income Other operating income Operating income Net impairment charges Gain from sale of investment Net operating income after impairment loss Personnel expenses Depreciation and amortisation Other operating expenses Total expenses Profit before income tax Income tax expense Profit after tax Profit for the year Other comprehensive income Fair value loss on available for sale investments Reclassification adjustments for gain included in the income statement Other comprehensive income for the year net of tax Profit attributable to: Equity holders of the Bank Total comprehensive income Earnings per share - basic (in kobo) Earnings per share - diluted (in kobo) 53,541,994 (29,648,039) ----------------23,893,955 ----------------9,957,659 ---------------9,957,659 ---------------1,552,685 3,804,477 ----------------39,208,776 242,732 ----------------39,451,508 ----------------(9,392,577) (2,567,870) (19,991,410) -----------------(31,951,857) -----------------7,499,651 (546,112) ---------------6,953,539 ---------------6,953,539 148,935 98,714 ------------247,649 ------------6,953,539 ======== 7,201,188 ======== 44k 44k 2011 N'000 32,275,773 (15,573,132) -----------------16,702,641 -----------------6,441,793 ---------------6,441,793 ---------------922,187 6,058,661 ----------------30,125,282 (6,034,280) 2,042,253 -----------------26,133,255 -----------------(6,567,658) (1,524,837) (12,400,454) -----------------(20,492,949) -----------------5,640,306 1,268,292 ---------------6,908,598 ---------------6,908,598 (102,115) --------------(102,115) --------------6,908,598 ======== 6,806,483 ======== 53k 53k

STATEMENTS OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2012

Notes ASSETS Cash and balances with Central Bank Due from banks Pledged assets Loans and advances to Customers Investments in equity accounted investee Investment in securities: - Held for Trading - Available for Sale - Held to Maturity Other assets Property, plant and equipment Intangible assets Deferred tax assets TOTAL ASSETS LIABILITIES Deposits from Banks Deposits from Customers Current income tax liabilities Other borrowed funds Debt securities in issue Other liabilities TOTAL LIABILITIES EQUITY Share capital Share premium Retained earnings Other components of equity Attributable to equity holders of the Bank TOTAL LIABILITIES AND EQUITY SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY: 31 32 33 33 26 27 15(b) 28 29 30 17 18 19 20 21(a) 21(b) 21(c) 22 23 24 25

31 December 2012 N'000 63,622,016 33,878,671 57,412,053 229,420,874 1,998,860 16,857,561 155,935,974 6,132,005 7,793,316 203,465 6,971,145 -----------------580,225,940 ========== 3,118,775 463,726,325 803,422 30,356,039 4,563,612 31,015,373 ------------------533,583,546 ========== 7,851,931 18,689,788 6,019,078 14,081,597 ----------------46,642,394 ------------------580,225,940 ==========

31 December 2011 N'000 36,810,450 53,695,139 49,700,219 162,063,156 3,233,254 169,242,661 13,258,260 8,930,814 143,115 6,971,145 -----------------504,048,213 ========== 17,744,296 392,049,881 677,926 27,301,377 4,562,000 20,655,397 ------------------462,990,877 ========= 7,851,931 18,689,788 2,780,714 11,734,903 ----------------41,057,336 -----------------504,048,213 ==========

1 January 2011 N'000 6,660,320 20,353,676 27,210,544 102,820,980 1,852,872 7,355,288 75,060,096 9,548,675 4,267,455 149,266 5,414,110 -----------------260,693,282 ========== 38,975,532 160,964,394 368,489 24,975,673 7,885,553 ------------------233,169,641 ========== 6,281,545 12,314,019 (2,055,305) 10,983,382 ----------------27,523,641 -----------------260,693,282 ==========

Abubakar Suleiman Chief Financial Officer FRC/2013/CIBN/00000001275

Yemi Adeola MD/CEO FRC/2013/CIBN/00000001257

Alhaji (Dr) S. A. Adegunwa, OFR Chairman FRC/2013/IODN/00000001256

About Sterling Bank


Sterling Bank Plc is a leading commercial banking establishment in Nigeria. It
commenced operations as NAL Bank in 1960. Today, with over N580 billion in assets and over 160 branches nationwide, Sterling Bank has grown into a major financial institution. The Bank prides itself as the One Customer Bank that celebrates each customer a unique individual. For further information, please visit http://www.sterlingbankng.com

Forward-Looking Statements
This release may contain forward-looking statements which reflect Sterling Banks current views with respect to, among other things, the Banks operations and financial performance. These forward-looking statements may be identified by the use of words such as outlook, believes, expects, potential, continues, may, will, should, seeks, approximately, predicts, intends, plans, estimates, anticipates or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Sterling Bank believes these factors include but are not limited to those described in its audited Annual Report for the financial year ended December 31, 2012. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Sterling Bank undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Sterling Bank PLC Sterling Towers 20, Marina Lagos T: + 234 1 2600420-9, 2600850-9 W: http://www.sterlingbankng.com