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Provisions push Nigeria Sterling Bank to pretax loss

Thu Oct 29, 2009 11:09am EDT

LAGOS, Oct 29 (Reuters) - Nigeria's Sterling Bank STBP.LG posted a pre-tax loss of 4.35 billion naira ($29 million) for the 12 months to September on Thursday, compared to a 7.98 billion naira profit the previous year.

Financials

The bank said it had taken a 10.8 billion naira exceptional charge due largely to loan loss provisions. Gross revenue rose marginally to 37.77 billion naira from 36.30 billion in the year-earlier period.

(For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Reporting by Tume Ahemba; Writing by Nick Tattersall)

Financials


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