Investor Relations

PRESS RELEASE

May 10, 2012

STERLING BANK PLC RELEASES UNAUDITED IFRS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2012
Gross Earnings Rise 79% to N17.2 billion
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Lagos, May 10, 2012 Sterling Bank Plc (NSE: STERLNBANK/ Reuters: STBP.LG) the Bank - today reported its first quarter unaudited results for the period ended March 31, 2012. In the Banks quarterly update to investors, Yemi Adeola, the Managing Director/ Chief Executive Officer, stated that: Sterling Bank achieved a significant growth of 79% in top-line revenues to N17.2 billion, from N9.7 billion in the corresponding quarter of 2011. This was driven by improvement in interest income, which rose 116% to N13.6 billion. The Bank also achieved double-digit growth in operating income and profit before tax, which rose by 49% and 24% respectively. The monetary policy tightening measures implemented by the CBN throughout 2011 continued to impact negatively on funding costs, which reduced net interest margin to 46%. Subsequent to the completion of the integration of the ETB platform, we have re-aligned our business to deepen customer relationships and enhance market penetration. Our enlarged branch network provides a platform for low cost deposit mobilization, the result of which is evident in the 400 basis point improvement in deposit mix during the period. Overall, Sterling Bank is well positioned to capture growth opportunities going forward for the rest of 2012 and the Board is confident in our ability to continue to create value for our shareholders.

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Investor Relations
Financial Highlights for the First Quarter Ended March 31, 2012 Income Statement Net interest income rose 73% to N6.3 billion from N3.6 billion in the comparable period of 2011 Non-interest income increased 8% to N3.6 billion from N3.3 billion in the comparable period of 2011 Operating income rose 49% to N9.0 billion from N6.1 billion in the comparable period of 2011 Operating expenses increased 55% to N7.4 billion from N4.8 billion in the comparable period of 2011 Profit before tax grew 24% to N1.6 billion, while Profit after tax grew by 16% to 1.3 billion

Statement of Financial Position Total assets increased 3% to N521.4 billion from N504.7 billion in December 2011 Customer deposits increased 5% to N412 billion from N392.1 billion in December 2011 Net loans & advances grew 8% to N177.8 billion from N164.3 billion in December 2011

Financial Ratios Net Interest Margin of 46% (58% in 1Q 2011) Annualized Return on Average Equity of 13% Net Loan-to-deposit Ratio of 43% (42% in December 2011) Liquidity Ratio stood at 67% (64% in December 2011) Capital Adequacy Ratio remained at 17%

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Investor Relations

Investors Investor Contacts Yemi Odubiyi M: +234 803 535 0991 E: yemi.odubiyi@sterlingbankng.com Media Contact Shina Atilola M: +234 802 342 3011 E: shina.atilola@sterlingbankng.com

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

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Investor Relations

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 N500 billion in assets and almost 200 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 Annual Report for the financial year ended December 31, 2011. 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 IFRS RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2012
The Board of Sterling Bank Plc presents the Bank's IFRS unaudited results for the first quarter ended 31

STATEMENT OF FINANCIAL POSITION

ASSETS Cash and cash equiv alents Non trading pledged assets Loans and adv ances to customers Inv estment securities - Av ailable for sale securities - Held to maturity securities Property and equipment Intangible assets Deferred tax assets Other assets TOTAL ASSETS LIABILITIES Deposits from banks Deposits from customers Current tax liabilities Other borrowed funds Debt securities Other liabilities TOTAL LIABILITIES CAPITAL AND RESERVES Share capital Share premium Retained earnings Other components of equity TOTAL EQUITY ATTRIBUTABLE TO OWNER OF THE BANK TOTAL LIABILITIES AND EQUITY

March 2012 N'000 70,904,189 51,352,473 177,757,433 2,089,856 169,324,007 8,766,785 173,871 6,465,358 34,660,327 521,494,299

December. 2011 N'000 66,591,200 49,952,937 164,276,761 4,333,474 165,406,851 8,930,813 143,115 6,465,358 38,621,008 504,721,515

412,896,089 417,817 29,860,611 4,711,463 30,610,484 478,496,462

17,595,012 392,048,495 677,926 27,425,740 4,562,000 20,803,946 463,113,119

7,851,931 18,689,788 2,974,654 13,481,463 42,997,836 521,494,299

7,851,931 18,689,788 1,652,899 13,413,779 41,608,397 504,721,516

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STATEMENT OF COMPRHENSIVE INCOME

March 2012 N'000 Interest income Interest expense Net interest income Impairment charges Net interest income after impairment Fee and commission income Trading income Other operating income Operating income Personnel expenses Depreciation and amortisation Other operating expenses Total expense Profit before income tax Income tax expense Profit for the period OTHER COMPREHENSIVE INCOME NET OF INCOME TAX Foreign currency translation Fair v alue (losses)/gains on av ailablefor-sale inv estments Other comprehensive income for the period TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Key Ratio Earnings per share (kobo) 67,683 67,683 13,576,862 (7,306,237) 6,270,625 (856,837) 5,413,788 1,856,170 152,372 1,591,185 9,013,514 (2,321,591) (821,164) (4,305,864) (7,448,619) 1,564,895 (243,141) 1,321,754

March 2011 N'000 6,275,246 (2,653,573) 3,621,673 (903,499) 2,718,175 1,417,194 142,162 1,774,016 6,051,546 (1,631,790) (289,719) (2,870,929) (4,792,438) 1,259,108 (122,279) 1,136,829

December. 2011 N'000 31,376,231 (15,609,253) 15,766,979 (2,058,495) 13,708,483 6,441,793 536,459 7,973,082 28,659,817 (6,527,161) (1,524,837) (14,354,643) (22,406,641) 6,253,177 873,423 7,126,600

51,717 51,717 453,584 453,584

1,389,437

1,188,546

7,580,184

8k

9k

54k

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