Sterling Bank starts recovery

MANILA, Philippines - Sterling Bank of Asia has posted net income of P47 million for the first quarter of the year, nearly negating the P49-million net loss it had for the same period last year. 

It is equivalent to 60 percent of earnings for the entire 2009. Net interest margin grew by 121 percent to P186 million, and fee based income growing by 387 percent to P77 million.

In a press statement, Sterling Bank president Lamberto Villena said growth would be driven by expansion of its loan portfolio as well as improvements in trading income, commissions and fees.

The bank will also continue to manage its interest expense by improving its deposit mix. Total assets of the bank reached P17.1 billion, up by 45 percent from year-ago figure.

Total earning assets expanded 44 percent to P15.7 billion, while deposits grew by 42 percent to P15.2 billion.