Sterling Bank Assures Stakeholders of Better Performance

Goddy Egene

Stakeholders of Sterling Bank Plc have been assured of better services and returns on investment despite the current economic headwinds.  The chairman of the bank, Mr. Asue Ighodalo gave the assurance at the 54th annual general meeting  in Lagos, saying the bank would continue to focus on building key capabilities.

“We will actively support policies designed to build a sustainable Nigerian economy over the next decade through the provision of inclusive customer-focused services,” he said.

According to him,  the board and management have  committed  to “rolling up our sleeves” and implementing several initiatives aimed at positioning that bank as  an efficient and systemically important operator, delivering  superior returns to stakeholders.”
He told the shareholders that despite the challenging environment, the bank delivered commendable set of results in 2015.

“Profit after tax  for 2015 was up 14.3 per cent to N10.3 billion, boosted by improved operating efficiency. Shareholders’ funds grew by 12.8 per cent to N96 billion in 2015, from N85 billion in 2014, driven by accretion  from the current year’s profit, a reflection of the bank’s resilience and increasing market reach. The board has proposed a final dividend of 9 kobo per share for the financial year,” Ighodalo said.

He noted that the bank remains steadfast in its quest to build long-term, sustainable value for its stakeholders in the global Sustainable Development Goals and the Central Bank of Nigeria’s sustainable banking principles.

Also speaking, the Managing Director/Chief Executive Officer of Sterling Bank Plc, Mr. Yemi Adeola said  the performance of the bank in 2015 was a testament to the underlying resilience of its business model.
“The challenging environment notwithstanding, we strove to achieve a delicate balance between delivering current year financial performance and laying the foundation for the future that we see, one where our customers enjoy the experiences we create  together, which in turn becomes the basis for our profitability,” he said.