Banking Briefs
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STERLING Bank Plc has emphasised the need for the federal government to fully implement the 2016 budget. The bank called for a lower interest rate regime to support economic activities, reformed governance structures, and an improvement on the efficiency of the labour market.
Asue Ighodalo, chairman of the bank, stated these at the annual general meeting of the bank held in Lagos, on Tuesday, April 19. The bank’s profit after tax for year 2015 grew by 14.3 percent year-on-year to N10.3billion, which it attributed to improved operating efficiency.
Shareholders’ funds also grew by 12.8 per cent to N96billion in 2015 from N85billion in 2014. The bank explained: “This is driven by accretion from the current year’s profit, a reflection of the bank’s resilience and increasing market reach.”
The board of directors proposed a final dividend of 9 kobo per share for the financial year ended December 31, 2015. On the bank’s competitive advantage, Yemi Adeola, managing director, Sterling Bank, said: “Our people who strive everyday towards building an enduring franchise, are at the heart of our business. We appreciate the work that they do. Our 2015 performance was a testament to the underlying resilience of our business model.”
— May 2, 2016 @ 01:00 GMT
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