Investor Relations

PRESS RELEASE

October 21, 2011

STERLING BANK PLC RELEASES UNAUDITED RESULTS FOR THE THIRD QUARTER ENDED 30 SEPTEMBER, 2011
Achieves 21% growth in Gross Earnings to N28.03 Billion
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Lagos, October 21, 2011 Sterling Bank Plc (NSE: STERLNBANK/ Reuters: STBP.LG) the Bank today released its unaudited results for the first nine months ended 30 September, 2011. Commenting on the Banks latest results, Yemi Adeola, Group Managing Director/CEO said: In a challenging operating environment marked by difficult global and local macroeconomic conditions, Sterling Bank achieved a 21% growth year-on-year in gross earnings. Profit from ordinary activities rose 91% further demonstrating the underlying strength of our core business. In alignment with the Banks objective to grow risk assets as the economy rebounds, our loan book grew 28% and non-performing loans to gross loans reduced to 3.9% from 11.5% in December 2010. Further progress was accomplished with a 14% expansion in the Banks balance sheet over the first nine months. During the quarter, Sterling Bank announced its acquisition of Equitorial Trust Bank. The acquisition complements Sterling Banks business and allows us to increase our foot print in the retail segment given a combined branch network of 189 and 64 additional branches at various stages of completion. Looking to the final quarter of 2011, the Board of Sterling Bank is optimistic that our performance in preceding quarters will be sustained and surpassed.

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Financial Highlights for the Third Quarter ended 30 September, 2011 Income Statement Gross earnings rose 21% to N28.0 billion from N23.1 billion in the comparable period of 2010 Interest income rose 28% to N19.4 billion from N15.3 billion in the comparable period of 2010, feeding through a 37% improvement in Net Interest Margins Operating income rose 32% to N18.1 billion from N13.7 billion in the comparable period of 2010 Operating expenses increased 16% to N13.8 billion from N11.9 billion resulting from inflationary pressures during the period Profit before Exceptional Item grew 91% to N2.9 billion from N1.5 billion in 2010, while Profit after Tax stood at N3.7 billion.

Balance Sheet Total Assets grew by 13% to N314.0 billion from N277.1 billion in December 2010 Deposits increased 11% to N225.1 billion from N203.1 billion in December 2010 Net Loans & Advances (including Advances under Finance Lease) grew 28% to N132.9 billion from N103.7 billion in December 2010

Financial Ratios Net Interest Margin of 51% (47% in 3Q 2010) Annualized Return on Average Equity of 18% (30% in 3Q 2010) Net Loan-to-deposit of 64% (63% in December 2010) Non-performing Loans Ratio of 3.9% (11.5% in December 2010) Liquidity Ratio of 58% (47% in December 2010) Capital Adequacy Ratio of 16% (13% in December 2010)

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Contacts Investor Contact Yemi Odubiyi M: +234 803 535 0991 E: yemi.odubiyi@sterlingbankng.com Media Contact Abimbola Sowemimo M: +234 803 306 9033 E: abimbola.sowemimo@sterlingbankng.com

Abubakar Suleiman M: +234 803 535 1172 E: abubakar.suleiman@sterlingbankng.com

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About Sterling Bank Sterling Bank PLC is the preeminent investment banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N300 billion in assets and 95 branches nationwide, Sterling Bank has grown into a major financial supermarket offering investment banking, commercial banking, asset management, stock broking, insurance and registrar services. 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 Annual Report for the financial year ended December 31, 2010. 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

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STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND SHAREHOLDERS ON THE UNAUDITED RESULTS FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2011
The Board of Sterling Bank Plc presents the Group's unaudited results for the third quarter ended 30 September 2011.

BALANCE SHEETS

ASSETS Cash in hand and balances with CBN Treasury bills Due from other banks Loans and advances to customers Advances under finance lease Investment securities Investment in subsidiaries Investment in associates Investment properties Other assets Deferred tax assets Property and equipment LIABILITIES Customers' deposits Due to other banks Current income tax payable Other liabilities Defined contribution obligations Deferred tax liabilities Long-term borrowing
DEBT CAPITAL

Group (Unaudited) September 2011 N'000 17,743,974 12,422,336 17,305,088 129,188,827 3,761,315 106,529,663 106,204 6,382,493 10,337,808 5,256,884 4,978,988 314,013,580 225,076,140 1,073,456 602,371 23,145,054 66,774 11,820 26,730,394 276,706,009 7,500,000 7,500,000 6,281,545 23,526,026 29,807,571 37,307,571 57,882,444 Group (Unaudited) September 2011 N'000 28,037,604 19,446,666 (9,622,913) 9,823,753 8,271,281 (13,802,193) (944,053) (469,375) 2,879,413 1,061,124 3,940,537 (260,925) 3,679,612

Group (Audited) Dec. 2010 N'000 6,660,349 6,023,587 25,098,603 100,641,020 3,112,998 104,322,487 106,204 5,443,303 15,918,279 5,256,884 4,527,335 277,111,049 203,074,678 195,748 680,890 21,920,642 51,071 11,820 25,058,101 250,992,950 6,281,545 19,836,553 26,118,098 26,118,098 48,908,173 Group (Unaudited) September 2010 N'000 23,145,399 15,256,412 (8,094,812) 7,161,600 6,576,908 (11,882,183) (786,894) 435,667 1,505,098 4,169,031 5,674,129 (331,023) 5,343,106

Deposit for Non-convertible Debenture Stock

TOTAL DEBT CAPITAL

CAPITAL AND RESERVES Ordinary share capital Reserve TOTAL EQUITY TOTAL CAPITAL Guarantees and other commitments on behalf of customers PROFIT AND LOSS ACCOUNTS

GROSS EARNINGS Interest and similar income Interest and similar expenses Net interest margin Other income Operating expenses Loan loss expenses Diminution in value of other risk assets PROFIT BEFORE EXCEPTIONAL ITEM Exceptional income PROFIT BEFORE TAXATION Taxation PROFIT AFTER TAXATION Key Ratio Earnings per share (kobo) - Basic Earnings per share (kobo) - Diluted Total non-performing loans to gross loans and advances

29k 29k 3.96%

43k 43k 11.54%

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