SunTrust Bank, a fast rising financial institution, is walking its talk of increasing its profit and customer base in a surprisingly fast way. It is a financial technology institution that focuses on electronic channels by offering telephone, mobile and internet banking services. A huge plus!
SunTrust Bank started as a mortgage bank, while the board and management were able to grow its balance sheet to a reasonable size before they decided to pursue a commercial banking licence from the CBN which they got in September of 2015.
The bank, which can be described as Nigeria’s fastest growing commercial banks in May, declared a Profit Before Tax of N1.5bn for the year ended December 31st 2022.
The Bank’s 2022 Audited Financial Result published on the Bank’s website, shows that this represents a 195.6% growth in the bank’s profit before tax compared to FY 2021 results.
This is a big win for a financial institution that released its financial performance for the year ended December 31, 2016 and the results have sent a clear message of determination to succeed and deliver value to all stakeholders.
SunTrust Bank began commercial banking activities last year with the vision to “offer high quality retail and commercial banking services in a modern and innovative manner.”
The bank is leveraging on technology and a new way of thinking to provide banking services to many people and businesses in Nigeria for whom access to a bank account has previously been impossible.
The bank offers telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity.
While the Bank’s total assets grew by 94.7% from N67.9bn in 2021 to N132.3bn in 2022, total deposit liabilities grew by 61.8% from N50.8bn in 2021 to N82.2bn exit 2022.
In the same vein, the Bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, representing a 514% growth.
With its sprawling head office, situated at Victoria Island, the Bank’s Managing Director and Chief Executive Officer, Hajiya Halima Buba, said its success in the past year can be attributed to paying attention to customer needs in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers aspirations.
She also expressed gratitude to the Board of Directors, Management and the customers who have kept faith with the Bank in the past years.
She further reiterated the Bank’s commitment to further deepen mutually beneficial relationships with customers, in view of delivering excellent banking services and living up to the Bank’s ambition of becoming the retail bank of choice within the shortest possible time.
SunTrust Bank started commercial banking operations in 2016, after securing the Central Bank of Nigeria (CBN) banking license in 2016 to operate as a regional commercial Bank. Ever since, the Bank has consistently provided banking support to a well-diversified spectrum of customers in the last 7 years.
The Bank currently has 5 branches spread across Lagos, FCT, Rivers and Akwa Ibom, and supported by a growing Agency Banking Network. The Bank is reputed for supporting Micro, Small and Medium Enterprises (MSMEs) with low interest funding to grow their businesses while also innovating products to cater for the needs of the wider banking population, including medium to large corporations and governments. SunTrust Bank also offers Sharia compliant banking products through its dedicated Non-Interest Banking Window.
Despite the recession plaguing different sectors of the economy, particularly the financial services sector, the bank keeps recording growth in customer deposits through its broad range of unique financial services and products to individuals, small businesses, corporations and the government.
Experts say SunTrust Bank, under the supervision of Hajiya Halima Buba, is consistent with its conservative risk profile, and maintains its strong liquidity position, with cash and short-term funds accounting for 32 per cent of its total assets.
SunTrust Bank is the first fresh banking licence to be issued by the Central Bank of Nigeria (CBN) since 2001.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper