Sterling Bancorp, the US finance house and parent company of Sterling National Bank, has reported a 14.7 per cent increase in net income for second quarter 2004, boosted by a strong factoring division.
Reporting its financial results for the second quarter and six months to June 30 2004, Sterling cited income from its factoring and mortgage units as driving the 14.7 per cent rise in second quarter net income to US$6.7m (2Q 2003: US$5.9m).
Income from mortgage and factoring business units grew by a combined 11 per cent and offset lower income from trade finance and service charges on deposit accounts.
For the six months ending June 30 2004, net income grew 12.6 per cent to US$13.2m from US$11.7m in the first half of 2003.
Source: BCR
