Sterling Bancorp today announced record figures for the three months ended 31 March 2001. Net income for their factoring operation had risen by 28.5% to $1,401,000 from Ј1,090,000 in the corresponding period of 2000.
This increase is disproportionately high in terms of the overall figures for the company which recorded non-interest income of $5.3 million for the quarter, which represented an increase of 17% compared to the corresponding quarter of the previous year. This increase was due primarily to increases in income from mortgage banking, deposit services, and factoring.
Source: PR Newswire
