BUSINESS
Sterling Bank Maintains Growth Trajectory with 20% Increase in Net Profit
Sterling Bank Plc, a full service national commercial bank, has reported a 20.2 percent growth in its profits for the fiscal year ended December 31, 2021.
The bank, at its recently held annual general meeting in Lagos, reported a net profit of N13.5 billion on gross earnings of N142.
3 billion compared to a net profit of N11.2 billion on gross earnings of N135. 8 billion in the corresponding period of 2020. These figures represent a 20.2 percent uptick in profit after tax, and a 4.8 percent increase in gross earnings respectively.Commenting on the bank’s financial performance, chairman of the bank’s board, Mr. Asue Ighodalo said, “For us and for the nation at large, 2021 was a year of recovery from the adverse economic effects of the coronavirus pandemic.
” He added that, “Breakthroughs in the development of vaccines for the virus, along with the campaigns to inoculate the global population gained ground and bolstered consumer and investor confidence globally and locally. The pace of economic recovery exceeded expectations despite threats of a third wave and the emergence of variants of the virus. This brought wind to our sails as we navigated the Bank to increase her profitability and growth.”“During the period, we were consistent with our strategy to drive financial intermediation in high impact sectors that aligned with our HEART strategy. This enabled us to focus and deliver innovative solutions that enabled our customers to thrive in a dynamic environment. We are unwavering in our commitment to build a forward-thinking organization focused on delivering the best value to our stakeholders.”
Reflecting on key drivers of the performance, Sterling’s Chief Executive, Abubakar Suleiman, noted that the year’s success was driven by a growth of 28.5 percent in non-interest-income and a 51.4 percent increase in transaction volumes processed – significant numbers that illustrate the effectiveness of the Bank’s recent digitization efforts.
Customer deposits grew by 21.7 percent from the previous year’s numbers, with an improvement in cost-to-income ratios, despite an increase in operating expenses brought about by foreign exchange inflationary pressures.
“We will continue to focus on our HEART strategy, optimize our expenses and lending while strengthening our risk management and recovery practices. These have remarkably improved our exposure with non-performing loans dropping from 1.9 percent in 2020 to 0.7 percent in 2021. Put together, these have enabled us increase shareholder funds by 4.2%,” Suleiman noted.
On other non-financial highlights, Sterling Bank was awarded the 2021 People First Organization by the Chartered Institute of Personnel Management of Nigeria (CIPM) and continued to push the edge with innovative solutions like PayWithSpecta delivered to drive small-business productivity and real-sector growth. The bank also commenced on the largest commercial property solar project in Africa with the remodeling of her Marina headquarters with building installed photovoltaic (BIPV) panels. This will power Sterling’s head office with solar energy and make Sterling Towers the first building in Africa to achieve the feat.
Sterling Bank Plc is a leading national commercial banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Presently, with total assets of N1.629 trillion, 141 business offices and 700 ATMs nationwide, the bank has grown into a major financial institution.
It is engaged in commercial banking services with emphasis on retail, commercial and corporate banking, trade services, investment banking activities and non-interest banking. It also provides wholesale banking services, including granting of loans and advances; letter of credit transactions, money market operations, electronic banking products and other banking activities.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
NDA Commandant Decorates Ombugadu, Others as Fellows of Solar Energy Society of Nigeria
ShareFrom Abel Zwànke, Lafia The 2023 gubernatorial candidate of the People’s Democratic Party (PDP) in Nasarawa State, His Excellency Rt....
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
Share President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in...
Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly
ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...
Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio
Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...
Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker
Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...
Investors Gain N183bn on NGX
Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...
Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen
Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...
Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School
Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...
INEC Staff Welfare Association Warns Members Against Manipulating Election Results
Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...