The banking and financial services company Sterling Bancorp has today announced its results for the third quarter of 2000. Net income was recorded at $4.2 million for the third quarter and $12.1million for the first nine months of the year. Both of these figures represent an increase of more than 12.5% compared to the corresponding figures for 1999.
Non interest income, primarily from trade finance, factoring, deposit servicing and leasing activities, rose 21% to $5.6 million in the third quarter of 2000. There was also an increase in the nine month figure for non interest income which was recorded at $15.7 million, compared to $13.5 million for the corresponding period of last year. Their volume of non-performing loans rose from $1.47 to 1.962 million over the same period.
The breakdown for factoring income is as follows:
