Sterling Bank 2011 net profit up 7% to P126M

MANILA, Philippines—The Sterling Bank of Asia, the thrift banking arm of the Tiu family, grew its net profit in 2011 by 7 percent to P126.31 million on higher interest income on loans and bigger trading gains.

“Despite last year’s global challenges, prudent management allowed us to consistently weather the storms and maintain profitability,” Sterling Bank president Lamberto Villena said in a press statement.

The bank’s 2011 interest income amounted to P1.7 billion, 20 percent higher than the level in the previous year. Trading gains amounted to P348.82 million, 47 percent higher than the previous year’s level.

Sterling Bank’s assets stood at P26.77 billion at the end of 2011, a 13 percent expansion from the previous year. Its loan book amounted to P14.69 billion while its deposit base stood at P23.89 billion.

Established in March 2007, Sterling Bank is among the 11 thrift banks (out of 70 industry players) with a quasi-banking license. It also has an authority to operate a foreign currency deposit unit, trust operations, engage in derivatives and grant letters of credit for importers.