By Peter Egwuatu
STERLING Bank Plc has assured its shareholders that it will continue to enhance its stakeholders’ value as it recorded 20.1 percent rise in shareholders’ funds to N102.9 billion in 2017 as against N85.7 billion recorded in the financial year 2016. It further assured the shareholders of sustaining and enhancing its dividend payments in the future as they approved the declaration of two kobo dividend per ordinary share of 50 kobo for the financial year ended December 31, 2017.
Addressing shareholders at the 56th Annual General Meeting (AGM) in Lagos, Mr. Asue Ighodalo, Chairman, Sterling Bank Plc, said 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.
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.”
Ighodalo attributed the bank’s improved performance to shared purpose across board by all stakeholders.
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 percent in profitability. The bank’s gross earnings also increased by 19.8 percent to N133.5 billion against N111.4billion in the corresponding period of 2016. This remarkable performance was driven by growth in both interest and non-interest income by 11.3 percent and 87.8 percent respectively.