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

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.