Glowing commendations from
shareholders trailed the improved performance of Sterling Bank Plc at its 56th
Annual General Meeting (AGM) in Lagos on Thursday, 16th of May 2018. This
upholds the remarkable vote of confidence previously echoed by stockbrokers and
analysts during its Facts Behind the Figures presentation at The Nigerian Stock
Exchange (NSE), last week.
Equally, the lender’s
stockholders were delighted by the 20.2% rise in shareholders’ funds from
N85.7bn in 2016 to N102.9bn in 2017, and the declaration of 2 kobo dividend per
ordinary share of 50 kobo.
Addressing the meeting, Mr.
Mathew Akinlade, President, Nigerian Shareholders Solidarity Association, commended
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 fragile financial year in which the
economy only started recording growth in its second quarter after a severe 15
months recession.
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 advised the leadership of the bank to deliver on
strategy to make Sterling 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 for the corresponding period of 2016, representing an
increase of 65% in profitability. The bank’s gross earnings also increased by
19.8% to N133.5 billion against N111.4bn in the corresponding period of 2016.
This remarkable performance was driven by growth in both interest and
non-interest income by 11.3% and 87.8% respectively.
Earlier in his address, Mr. Asue
Ighodalo, Chairman, Sterling Bank Plc, 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 disclosed.
Mr. Ighodalo assured
shareholders of the bank’s commitment to delivering tailor-made solutions in
line with the Global Sustainable Development Goals (SGDs) and Central Bank of
Nigeria’s Sustainable Banking Principle. “As
a matter of necessity, we remain committed to delivering solutions that satisfy
stakeholders’ needs and objectives while also providing adequate financial
returns to shareholders.”
The Chairman expressed
appreciation to the board, management, shareholders and Mr. Yemi Adeola, who
retired in April as Managing Director and Chief Executive 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, the
bank’s Chief Executive Officer, 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 disclosed.
The CEO added that the bank made major investments in
technology infrastructure to provide excellent services to customers, grow markets
and create new ones more efficiently and engagingly. He referenced the successful
launch of Specta, an innovative online lending platform which offers personal
loans within five minutes as part of the bank’s digital transformation journey.
Giving
details of the bank’s business specialisation drive, Mr. Suleiman said that
Sterling Bank is actively mobilising private sector capital to solve some of
the most pressing social and economic needs of Nigerians. “We have aligned the bank’s business model to offer financial and
non-financial solutions to key areas which are at the HEART of Sterling Bank –
Health, Education, Agriculture, Renewable Energy, and Transportation. We are
driven by the conviction that these sectors are important catalysts for our
country’s socio-economic growth and sustainable development.”
Shareholders
at the Annual General Meeting celebrated the Board, Management and employees of
the bank affirming that its market disruptive offerings will entrench a
customer-centric business model, ensure a leap in customer acquisition and
retention thereby improving returns on their investments.
Useful links
http://thenationonlineng.net/sterling-bank-outlines-long-term-strategic-growth-plan/
https://www.thisdaylive.com/index.php/2018/05/10/sterling-bank-ceo-assures-stakeholders-of-better-performance/
https://theeagleonline.com.ng/sterling-banks-profit-jumps-by-65-2/
https://newtelegraphonline.com/2018/05/investors-upbeat-on-sterling-banks-future-revenue-growth/
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