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Sterling Bank Grows Profit After Tax By 65% To N8.521bn - Business - Nairaland

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Sterling Bank Grows Profit After Tax By 65% To N8.521bn by Okwyla: 4:50am On Apr 17
Sterling Bank Plc on Monday reported a growth of 65 per cent in profit after tax (PAT) for the year ended December 31, 2018. The audited results of the bank showed PAT of N8.521 billion, up from N5.163 billion posted in the 2016. The profit was recorded from gross earnings of N133.490 billion in 2017, compared with N111.440 billion in 2016.


The financial institution ended the year with net interest income of N50.180 billion, down from N55.990 billion, while impairment charges rose from N11.714 billion to N12.267 billion in 2017. Profit before tax grew from N6 billion to N8.606 billion, while PAT improved from N5.163 billion to N8.521 billion.

Based on the results, the board of directors of the bank has recommended a dividend of two kobo per share for the shareholders’ approval.

The former Managing Director/Chief Executive of Sterling Bank Plc, Mr. Yemi Adeola, had last year told shareholders that bank would aggressively grow its retail business through electronic channels over the next five years.

According to him, the bank would continue to boost innovative banking, driven by market insights that would enable it serve its customers satisfactorily, implement significant investment in technology-led growth initiatives and accelerate the growth of its non-interest banking segment.

Meanwhile, the JSE Securities Exchange has lifted the technical suspension on Oando Plc. According to the South African bourse, it acted based on information from the Nigerian Stock Exchange (NSE), which is the primary listing of the Oando Plc.

The NSE had last Wednesday lifted the technical suspension on the shares of the energy and gas company before reinstating the suspension some hours later.

The Exchange said subsequent to the lifting of the technical suspension, on 11 April 2018, it received another communication from SEC to maintain the status quo prior to the Commission’s letter of 9 April 2018, (the technical suspension of trading in Oando’s shares.)

“In the overall interest of investors in Nigeria’s capital markets, and following consultation with the Commission please be advised that at the start of trading tomorrow (today), 12 April 2018, trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure.

In its own explanation, SEC said the technical suspension of Oando shares took longer than expected on account of the lawsuits from its shareholders and the company itself.

“However, the suspension of the shares of Oando Plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension. All litigations have now been withdrawn, the independent forensic audit by Deloitte is ongoing and the preliminary result is expected,” the capital market regulator said

http://www.akelicious.net/2018/04/sterling-bank-grows-profit-after-tax-by.html

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by diablos: 5:21am On Apr 17
Waiting for Lai Mohammed and other frustrated zombies to steal this news and attach to the daura dullardd's imaginary list of achievements.

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by Sarang(f): 7:26am On Apr 17
Good for sterling bank smiley


Please check my signature

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by INTEGRITYA1(m): 7:37am On Apr 17
Banks keep growing fat, congrats to the shareholders.

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by TeamSimple(m): 7:39am On Apr 17
diablos:
Waiting for Lai Mohammed and other frustrated zombies to steal this news and attach to the daura dullardd's imaginary list of achievements.
But if it is the other way round you will blame them .
Politics in Nigeria is MOSTLY analysed by the silly minded.

4 Likes 1 Share

Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by brainpulse: 7:41am On Apr 17
diablos:
Waiting for Lai Mohammed and other frustrated zombies to steal this news and attach to the daura dullardd's imaginary list of achievements.
But the Pig clan & association which some of you represent are quick to jump and associate bad news to the daura man. Saying he didn't create enabling environment for business to thrive. So if business thrive in same environment, it's not the daura man.

So who us the Dillard if not some of you

5 Likes 1 Share

Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by Acidosis(m): 7:43am On Apr 17
The Nigerian bank with the most responsive and responsible customer service. Well-done!

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by ultron12345: 7:46am On Apr 17
This is a poor result. Their profit ratio is too low. Imagine, out of 133bn you got just 8bn as profit, the management should sit up this financial year. I suggest they reduce overheads, by sacking unproductive staff, slashing salaries and making these salaries based on targets. I heard they don't do employment bonds, they better start cos it seems they're wasting money training staff who leave them after few months. The should copy the likes of GTBank, access, zenith and co to grow their financial books.

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by ehinmowo: 7:47am On Apr 17
Thanks to illegal deductions
Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by papascode: 8:02am On Apr 17
A bank that don't accept temporary voters card for account opening and the said card is verifiable on the Inec portal and you are talking of retail business. I opened the account with their next neighbour UBA that day. Most of us couldn't locate our permanent voters card due to some over zealous staff of INEC and politicians. Imagine how much they missed from 500 persons who are willing to bank 100,000 naira in their accounts. Not to talk of corporate customers. A bank where their contract staff are more hard working than their full staff in the retail business. The other day I walked into their bank and one guy who thinks is their supervisor was busy doing nothing but commanding contract marketing staff around. When I asked one of the adhoc staff said is their supervisor and that he seats in the office and wait for them to go fetch accounts for them to claim and report to their branch managers. I was rightly informed when I wanted to do a fixed deposit that it won't count for her as she won't be promoted. I was shocked and Still shocked today how banks discriminate graduates. The above has resulted to this Very pathetic financial year result. I hope a sterling bank management is reading this.

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Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by kennyblac(m): 8:05am On Apr 17
This bank has really improved in all ramifications. They are one of the kind to look out for among the new generation banks.


Keep it up

5 Likes 1 Share

Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by HaykayBash: 8:07am On Apr 17
Sterling *822# is a big scam, I transferred the sum of #50000, to one of my company customer who uses UBA account number 2022421603 with the account name: Elijah Samson, but to my dismay your USSD platform credited one Hussain Adamu Shall with that same account number above.
I wonder where on earth where two different people use the same account number.
Been to my branch office to lodge complain but till date, my money is yet to be recalled.

The said customer has been on my neck threatening to drag me to the police failure to make provisions for his money.

To prove me otherwise, the Uba account number earlier stated above can be dialed on your Sterlin *822# to see one Ádámù Hussain Shal showing on the screen.
Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by akum78: 8:52am On Apr 17
Ok
Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by ogwoliun: 8:55am On Apr 17
December 2018 abi na me no see an well?
Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by NORSIYK(m): 9:29am On Apr 17
brainpulse:
But the Pig clan & association which some of you represent are quick to jump and associate bad news to the daura man. Saying he didn't create enabling environment for business to thrive. So if business thrive in same environment, it's not the daura man.

So who us the Dillard if not some of you

But when reverse is the case you vulture and your vulture tribesmen will be foaming in the mouth how the cow from daura has blocked access of free money and there's no money to throw about.
Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by diablos: 9:30am On Apr 17
TeamSimple:

But if it is the other way round you will blame them .
Politics in Nigeria is MOSTLY analysed by the silly minded.

So if a business flourishes today as a result of hardwork and clever ideas of it's owners it automatically turns an achievement of your grandstanding cluelessly dumb president? You should be banned indefinitely from politics section until your mental health status has been analysed and verified sane by a neurologist.

2 Likes

Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by diablos: 9:38am On Apr 17
brainpulse:
But the Pig clan & association which some of you represent are quick to jump and associate bad news to the daura man. Saying he didn't create enabling environment for business to thrive. So if business thrive in same environment, it's not the daura man.

So who us the Dillard if not some of you

There's no way in hell that this achievement could be claimed by your dullard in chief. If you feel otherwise then you're just as dumb as the presidiot and his numerous zombies that litter the cyberspace.

2 Likes

Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by damkin24(m): 9:42am On Apr 17
diablos:
Waiting for Lai Mohammed and other frustrated zombies to steal this news and attach to the daura dullardd's imaginary list of achievements.
But if the news is negative nobody will lecture you before attaching it Buhari and co.

1 Like

Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by TeamSimple(m): 11:50am On Apr 17
diablos:

So if a business flourishes today as a result of hardwork and clever ideas of it's owners it automatically turns an achievement of your grandstanding cluelessly dumb president? You should be banned indefinitely from politics section until your mental health status has been analysed and verified sane by a neurologist.
But if that same business fails , your type will come here forgetting that their are owners of the business to lay insults on the government .

Stop speaking too much grammar just to get one like , save your strength for the next post because on this one you made no sense .
Re: Sterling Bank Grows Profit After Tax By 65% To N8.521bn by diablos: 12:32pm On Apr 17
TeamSimple:

But if that same business fails , your type will come here forgetting that their are owners of the business to lay insults on the government .

Stop speaking too much grammar just to get one like , save your strength for the next post because on this one you made no sense .

Pls get lost from my mentions. Thank you.

2 Likes

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