Banking Briefs
IN spite of the macroeconomic challenges in the country, Sterling Bank has recorded resilient performance in 2016. The bank reported profit after tax of N5.2 billion on gross earnings of N111.4 billion during the year. The expressed optimism on the national economic recovery, pointing out that continuing improvement in the coordination of fiscal and monetary policy initiatives will expedite national economic recovery.
In his address to shareholders at the annual general meeting held on Thursday, May 11, in Lagos, Yemi Adeola, managing director, Sterling Bank Plc, said the board and management of the bank have laid out the bank’s priorities in 2017 as it begins the implementation of a five-year medium term plan aimed at enhancing its status as Nigeria’s financial institution of choice. The directors had agreed on a five-point agenda in 2017 as the bank continues on its vision of long-term sustainable and competitive growth.
The bank plans to prioritise efficiency over scale in its decision framework to be an institution built on smart people, smart structures and smart strategies. Adeola said the bank would also strengthen and diversify its funding sources and capacity through a quicker and smarter execution of its retail banking roll out. Besides, it will also ensure disciplined use of its institutional liquidity and capital through improvement in lending practices and overall risk management culture.
According to him, the bank would also focus on excellent service delivery to internal and external customers, noting that the bank’s service organisation must become the source of competitive advantage to sales organisation in order to deliver on its ‘one customer bank’ commitment.
He said the bank would re-emphasise commitment to execution excellence in all its transactions. “Over the next five years, we will be steering our ship differently and aggressively growing the retail business through electronic channels,” Adeola said.
The managing director said the bank would continue to boost innovative banking – driven by market insights that would enable it
to serve its customers satisfactorily while implementing significant investment in technology-led growth initiatives and accelerating the growth of its non-interest banking segment.
- May 22, 2017 @ 1:00 GMT
