Growth of 20% in Share­hold­ers’ Funds Ex­cites Ster­ling Bank In­vestors

THISDAY - - MARKET NEWS - Goddy Egene

Share­hold­ers of Ster­ling Bank Plc yes­ter­day ex­pressed de­light at the growth of 20.2 per cent in the share­hold­ers’ funds of the bank from N85.7 bil­lion in 2016 to N102.9 bil­lion in 2017. They also com­mended the div­i­dend of two kobo paid for the year.

Speak­ing at the an­nual gen­eral meet­ing (AGM) of the bank, one of the share­hold­ers and Pres­i­dent, Nige­rian Share­hold­ers Sol­i­dar­ity As­so­ci­a­tion(NSSA), Mr. Mathew Akin­lade hailed the board and ex­ec­u­tive man­age­ment of Ster­ling Bank for its or­derly lead­er­ship tran­si­tion, digi­ti­sa­tion, im­proved share­hold­ers’ value, in­creased cus­tomer de­posit and a strong per­for­mance in a chal­leng­ing fi­nan­cial year.

Ac­cord­ing to Mr. Akin­lade, the bank’s per­for­mance is very en­cour­ag­ing, which makes it easy for share­hold­ers to unan­i­mously sup­port the mid and long-term man­age­ment strate­gies put in place by the board and man­age­ment.

He there­fore ad­vised the bank to de­liver on strat­egy to make it a bank of the fu­ture and mar­ket leader in the ar­eas of health, ed­u­ca­tion, agri­cul­ture, re­new­able en­ergy and trans­porta­tion.

Ster­ling Bank re­ported a profit af­ter tax of N8.5 bil­lion for the fi­nan­cial year ended De­cem­ber 31, 2017 as against N5.2 bil­lion in 2016, rep­re­sent­ing an in­crease of 65 per cent in prof­itabil­ity.

In his ad­dress, Chair­man, Ster­ling Bank Plc, Mr. Asue Igho­dalo told share­hold­ers that the bank will con­tinue to nav­i­gate its growth by in­no­va­tive means.

“As a busi­ness, we will con­tinue to in­no­vate with fo­cus on key growth sec­tors of the Nige­rian econ­omy that will en­rich lives and grow the bot­tom-line. We will also con­tinue to lever­age on our ar­eas of strength to drive sus­tain­able growth and de­liver su­pe­rior re­turns to our es­teemed share­hold­ers,” he said.

The chair­man ex­pressed ap­pre­ci­a­tion to the board, man­age­ment, share­hold­ers and Mr. Yemi Ade­ola, who re­tired in April as MD/CEOanag­ing Di­rec­tor of the bank for the hard work, com­mit­ment and sup­port. Mr. Igho­dalo at­trib­uted the bank’s im­proved per­for­mance to shared pur­pose across board by all stake­hold­ers.

Also speak­ing at the AGM, Chief Ex­ec­u­tive Of­fi­cer of the bank, Abubakar Suleiman, ex­plained that the bank’s 2017 fi­nan­cial year per­for­mance high­lights its un­der­ly­ing in­sti­tu­tional strength de­spite del­i­cate oper­at­ing con­di­tions.

“We will con­tinue to ex­e­cute the plans to drive ef­fi­ciency across the busi­ness un­der the three pil­lars of agility, dig­i­ti­za­tion and spe­cial­iza­tion in the new fi­nan­cial year. These pil­lars will pro­pel us to­ward sus­tain­able growth by en­hanc­ing our abil­ity to in­no­vate; so­lid­ify our re­tail fund­ing base; strengthen our en­ter­prise-wide risk man­age­ment frame­work and drive ex­cel­lent ser­vice de­liv­ery across all channels to en­hance cus­tomer ex­pe­ri­ence,” he said.

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