The financial services provider, Sterling Bancorp, today announced record earnings both for the year and the quarter ended 31 December 2000, reporting a net income of $16.6m for the year and $4.5m for the quarter. This represents an increase of 13.7% for the year and a16.4% increase on the last quarter of 1999.
Growth was driven by increases in income from factoring, deposit servicing, mortgage banking, trade finance and other services.
Factoring income for the year grew from $4.922m in 1999 to $5.397m in 2000, an increase of 8.8%. Factoring income for the quarter ended 31 December rose from $1.185m in 1999 to $1.615m in 2000, showing an increase of 36.3%.
Correspondingly, liabilities due to factoring in the year ended 31 December 2000 had increased by 23.7% from $37.934m in 1999 to $46.927 in 2000.
Source: PR Newswire
