Sterling Bank Profit increases by 65% in 2017

Sterling Bank Plc has recorded strong growths in the top bottom line in 2017 as the commercial bank rode on the back of widening income sources and improving operating efficiency to increase net earnings by 65 percent.

The banks audited report and accounts the year ended December 31, 2017, released at the Nigerian Stock Exchange, NSE, showed considerable improvements in key performance indices. Gross earnings rose by 19.8 per cent from N111.4 billion in 2016 to N133.5 billion. Profit-before-tax increase to N8.61 billion in 2017 as against N6.0 billion in 2016. Profit after tax grew by 65 per cent from N5.16 billion in 2016 to N8.52 billion in 2017.

Top-line performance was driven by growth in both interest and non-interest income, which rose by 11.3 per cent and 87.8 per cent respectively. The bank’s net operating income increased by 7.9 per cent while cost-to-income ratio improved by 260 basis points to 71.5 per cent.

Customer deposits increased by 17.1 per cent to N684.8 billion in 2017 as against N584.7 billion in 2016. Shareholders’ funds rose by 20.2 per cent to N102.9 billion in 2017 as against N85.7 billion in 2016, reaffirming the bank’s commitment to returning value to its shareholders.

The board of directors of the bank has recommended distribution of N575.8 million as cash dividend for the 2017 business year, representing a dividend per share of 2.0 kobo.

Abubakar Suleiman, chief executive officer, Sterling Bank Plc, said the 2017 performance that highlighted positive performance across key financial indices despite challenging operating conditions reaffirms the bank’s underlying institutional strength.

“The non-interest banking business continued to gain significant traction, adding positively to our bottom-line. This performance underscores the commitment of the entire team to our corporate goals and the resilience of our business model,” he said.

Suleiman said the bank maintained a disciplined and prudent approach to loan growth in line with its risk management framework, a development which resulted in a significant improvement in asset quality as reflected in the reduction of non-performing loan ratio by 370 basis points to 6.2 per cent.

He noted that the bank continued to scale its business with support from a well-diversified funding base, pointing out that for the first time, the bank recorded N1.1 trillion in total assets from N834.2 billion in 2016, representing a 28.7 per cent growth.

According to him, the bank also gained traction in its retail drive with an active customer base that exceeded three million resulting in 17.1 per cent growth in deposits. During the year, the bank’s liquidity and capital adequacy ratios remained sound and well above the required regulatory benchmark at 33 per cent and 12.2 per cent, respectively.

The bank prioritized efficiency across its businesses as it progressed on its digital transformation journey by successfully launching “Specta”, an innovative online lending platform which offers personal loans within five minutes. It also invested in a first-rate business process management tool to optimize operating efficiency while providing its customers with ‘best in class’ service.

– Apr. 20, 2018 @ 15:49 GMT

Sterling Bank lauds NDIC examination reports

STERLING Bank on Friday commended the Nigeria Deposit Insurance Corporation (NDIC) for the high quality of its bank examination reports.

It said that the reports had contributed to the safety and soundness of the banking system.

The corporation said in a statement in Lagos that management of the Sterling Bank gave the commendation during a courtesy call and formal introduction of its new Managing Director, Mr Abubakar Suleiman to NDIC.

The statement said that Sterling Bank team was led by the outgoing Managing Director, Mr Yemi Adeola, and was received by the Managing Director of the NDIC, Alhaji Umaru Ibrahim.

It said Ibrahim received them along with the two executive directors namely Prince Aghatise Erediawa and Mrs Lola Abiola-Edewor.

The statement said that Adeola informed the NDIC management that the selection procedure for the new managing director of the bank was a rigorous process handled by KPMG, a consulting firm.

Adeola said that the bank was optimistic that the courtesy call would further strengthen the excellent relationship between the bank and the corporation.

He also briefed the corporation on the future outlook of the bank, which he said, included the planned expansion of its Non-Interest Banking (NIB) window.

Adeola informed the NDIC management of the bank’s plan to apply for a license for a stand-alone NIB as soon as possible.

He said that the decision was informed by the feasibility studies conducted by the bank, judging from the potential market and financial resources of customers expected to embrace NIB.

In his response, Ibrahim thanked the management of Sterling Bank for the visit and promised to sustain the cordial relationship.

He expressed optimism that appointment of capable hands into the banking system would improve the performance of the sector.

Ibrahim also assured the incoming managing director of Sterling Bank of the corporation’s support towards the growth of the bank. (NAN)

–   Jan.  19 2018 @ 20:43 GMT

Adeola Retires as Sterling Bank CEO, Abubakar to Take Over


STERLING Bank Plc Thursday announced that its founding Managing Director and Chief Executive Officer, Mr. Yemi Adeola, has notified the board of directors of his retirement with effect from April 1, after over 14 years of service on the board.

The bank in a statement also disclosed that Adeola would be succeeded by Mr. Abubakar Suleiman (Abu), who is currently the Executive Director, Finance & Strategy, a position he has held since May 2012.

Adeola’s banking career started with the then Nigeria International Bank Limited, now Citibank Nigeria Limited, in 1988, where he served in various capacities and rose to the position of Executive Director in 1998, a position which made him one of the youngest officers and one of the first Nigerian nationals to be appointed in that capacity.

In July 2003, he became the Deputy Managing Director of the legacy Trust Bank of Africa Limited and was instrumental, in 2006, in the formation of Sterling Bank during the banking consolidation exercise.

He served as Integration Director in the immediate post-merger phase and up until 2007 as Executive Director covering Commercial & Institutional Banking and later Corporate Banking prior to becoming CEO.

Commenting on his retirement, the Chairman, Board of Directors of Sterling Bank, Mr. Asue Ighodalo, said: “In 2008, Yemi was appointed to the role of substantive CEO. Since that appointment, he has overseen a period of strong growth in market share and profitability with the institution moving from the 23rd ranked bank measured by assets to the top half of the domestic banking market.

“Additionally, Yemi and his team have navigated multiple economic and banking credit cycles with great skill, sound judgment and outstanding professionalism, often thriving in the most difficult conditions evidenced by the emergence of the bank as a consolidator in the 2009-2011 cycle despite its modest capital base and distribution footprint at the time, and its continuing success in growing organically thereafter.

“More than anything else, Yemi’s legacy is reflected in the excellent professional reputation of the bank; the stability of its board and management – something rarely seen in merged institutions; and the overall strength of its institutional governance, all of which are achievements that I have no doubt that the new leadership team will build upon and extend even further.”

Equally, Ighodalo welcomed the appointment of Suleiman as the new CEO, saying over the years, he had developed an outstanding strategic and operational track record across all business areas in the bank as well as great relationships with customers and other stakeholders in key areas of the institution.

“Abu is a seasoned executive with exceptional abilities and his emergence underscores the quality of our leadership pipeline at executive level.

“His appointment is a result of a rigorous and wide-reaching process conducted as part of our succession planning and we look forward to him leading our bank through the next stage of its development. Abu’s appointment has already received all mandatory regulatory approvals,” he added.

On his part, Suleiman expressed delight with the appointment.

According to the incoming CEO, over the past decade under Adeola, the bank’s market share has grown significantly.

“And our brand has become established in the marketplace. I look forward to working with the board and my colleagues in management towards building on the excellent foundation already in place to deliver superior value for the benefit of all our stakeholders,” he said.

Also, Adeola said: “Our bank has grown materially in all respects over the past decade moving from being a marginal player on the fringes, to an established operator trusted by millions of people today.

“The achievements highlighted by the chairman in his remarks have required huge personal sacrifice on the part of many people.

“I am extremely grateful to all of them for their support and know that Abu and his team can continue to count on this support in the months and years to come.

“Sterling Bank is well set for the future and I believe that now is the right time for me to step down and pass on the baton to Abu. As a bank, we have done well, are doing well and have great prospects for the future.

“Our institution has the resources both human and material to look forward and write a new chapter in its history.”   –  Thisday


–   Jan. 12, 2018 @ 05:03 GMT /


Police arrest man with 88 bundles of fake dollars


THE Niger Police Command on Monday arrested one Abubakar Suleiman with 88 bundles of fake dollars.

The command`s spokesman, SP Abigael Unaeze, while presenting the suspect before newsmen in Minna said that Suleiman and three others at large conspired and took his father-in-law to an unknown place in Kogi under the pretext to cure him of his sickness.

The spokesperson said the suspect, who was arrested with a bag containing 88 bundles of fake dollar notes, confessed to the crime.

She said that the command had commenced an intensive investigation into the matter.

In a related development, Unaeze said the command had arrested six suspects with 86 wraps of dried leaves suspected to be Indian hemp, 164MG Tables, 11 Diazepam, one packet of big bond and box of marches.

According to her, detectives attached to the command also recovered one AK47 rifle with 25 rounds of 7.62 ×39mm live ammunition abandoned by a gang of armed robbers.

She added that this followed a distress call that a gang of armed robbers numbering five was operating in the residence of one Dr. Amandi Akorbumdu of Bosso area of the state.

Unaeze explained that the police detectives attached to Bosso division swung into action and gave them a hot chase as a result the robbers fled and abandoned the items.

Police spokesperson said that all the suspects would soon be charged to court after investigation.

She appealed to the members of the general public to assist the command by providing useful information about movement of criminals to the nearest security office for prompt action. –  NAN


– Oct 23, 2017 @ 18:00 GMT |


Skye Bank School Seminar Series

SKYE Bank Plc has instituted a financial literacy seminar series for secondary schools in the country. The seminar series have been designed to make the Nigerian youths financially responsible. The bank said the seminar series were aimed at raising awareness on child and youth financial empowerment and inclusion by taking financial literacy seminar to schools in the country.

According to a statement, the bank said the initiative was one of its contributions towards ensuring the future economic prosperity of the country by empowering youths with the necessary financial and entrepreneurial skills. Meanwhile, studies have shown that financial literacy is an important component of sound financial decision-making and a lot of positive correlations have been established between financial knowledge and self -beneficial behaviour.

“This seminar will help the students acquire the necessary financial knowledge and develop a corresponding financial intelligence that will be useful for their life’s journey”, the bank said.

FCMB to Raise $300m for Consumer Lending


FIRST City Monument Bank Group Plc, plans to raise about $300million this year to boost consumer lending. Ladi Balogun, chief executive officer, FCMB, said that the bank might consider issuing Eurobonds if market conditions were favourable. He said: “Our preferred source of funding has been the loan markets as opposed to bond markets due to more stable pricing and we will probably get to about 40 percent of our loan book being personal lending.”

According to him, the bank plans to increase its loan book by 20 percent to N540billion this year, as it joined other banks in raising debts to boost credit to consumers and fund infrastructural development in Africa’s largest economy. However, the bank is targeting a return on equity of 15 percent this year and 20 percent in 2016, compared with 13 percent in 2013, Balogun said adding that the bank was also planning to increase its customers to four million by 2016, from 2.5 million.

Six New Directors for Sterling Bank

SIX new directors including a woman have joined the board of Sterling Bank Plc. Their appointment, according to the bank, is in line with the gender ratio requirement of the Central Bank of Nigeria. It said the new appointments were part of the renewed effort to strengthen its board in line with corporate governance and sustainability culture.

The new board members whose appointments have been approved by the CBN, are Tamarakare Yekwe, Omolara Akanji, Asue Ighodalo, Raghavan Karthikeyan, Kayode Lawal and Abubakar Suleiman. The bank said the appointment of the six professionals with diverse experience in the private and public sectors, would further enhance the capacity of the board to deliver on its corporate goals.

Yemi Adeola, chief executive officer, Sterling Bank, expressed optimism that the bank would benefit from the wealth of experience of the six directors and argued that their appointments were carried out on the basis of skills, professional experience and corporate best practices. He added that the bank was also mindful of the need to be gender sensitive in the constitution of its board members.


Until their appointments, Tamarakare Yekwe was the pioneer attorney-general and commissioner for justice, Bayelsa State; and also served as a director in a number of institutions including the Federal Savings Bank of Nigeria, Continental Merchant Bank of Nigeria Plc, International Merchant Bank Plc and the Federal Mortgage Bank of Nigeria.

Omolara Akanji, who was a member of the Petroleum Revenue Special Task Force, started her career with the CBN in 1978 as an assistant economist. She rose through the ranks, retiring in December 2007 as the Director, Trade and Exchange Department and also served as a consultant to the CBN between 2008 and 2011.

Asue Ighodalo is a partner in Banwo & Ighodalo, a leading corporate and commercial law firm in Nigeria, which he founded in partnership in 1991. Raghavan Karthikeyan replaced Rajiv Pal Singh who completed his tenure as a representative of State Bank of India in 2013. He is presently the chief general manager, International Banking in State Bank of India, Mumbai, and a Certified Associate of the Indian Institute of Bankers.

Lawal started his career with NBM Bank where he worked from 1987 till 2005 and during this period, he excelled in various marketing roles and was subsequently appointed as the bank’s treasurer while Suleiman started his banking career as a management associate in MBC International Bank, now part of First Bank Plc in 1998. In 1990, he moved to Citibank Nigeria where he worked in various roles covering Asset & Liability Management and Market Risk Management.

However, between 2003 and 2011, he served as treasurer in Trust Bank of Africa and subsequently in Sterling Bank before being appointed as integration director to deliver a seamless merger with the former Equitorial Trust Bank

Compiled by Chinwe Okafor 

— Jul. 7, 2014 @ 01:00 GMT

Diamond Bank Records Impressive Growth

DIAMOND Bank Plc has announced 29 percent growth in its profit after tax for the year ended December 31, 2013. The bank said it had also delivered a double digit return on equity with a 16.7 percent increase in profit before tax to N32.1billion. As a result of this, the bank has proposed a dividend of 30k per 50k ordinary shares.

Alex Otti, group managing director, said the bank was pleased to record improvement in its earnings. “We are pleased to announce that Diamond Bank has exceeded its N30bn profit guidance to return a profit before tax of N32bn in 2013. This result is rooted in our strength to attract low-cost deposits and deploy these into various assets at profitable yet acceptable risk levels.”

While the bank achieved a net interest income of N104.6bn (up by 17.1 percent from N89.3billion recorded in 2012), it generated interest and similar income of N143.1bn (up by 27.3 percent from N112.4bn earned in 2012). Diamond Bank also announced a 46.2 per cent increase in other income from N23.8bn it recorded in the preceding year to N34.8bn in 2013.

The bank said the current financial results showed improvement in various areas of the Group balance sheet with loans and advances to customers increasing by 17.8 percent to N689.2bn; deposits from customers increasing by 32.5 percent to N1.206bn. Diamond Bank recalled it opened its United Kingdom Subsidiary in 2013, adding that the group has enjoyed significant synergy from the expansion into the UK market. Diamond Bank is regarded as the leading bank in SME and retail business in the country.

The bank, which has banking  subsidiaries in Republic of Benin, Togo, Cote D’Ivoire and Senegal, has deployed the retail model across these West African countries and this has expedited its earnings and strengthened its balance sheet with capacity to generate significant low-cost deposit across the West African coast.

Sterling Bank Empowers Youth

Yemi Adeola, MD Sterling Bank
Yemi Adeola, MD Sterling Bank

STERLING Bank Plc has moved to empower the nation’s youth through a programme aimed at helping them to become better prepared for their careers. As a result, the bank said it had concluded plans to hold its annual ‘Get ready for work’ concert this month in Ibadan.

A statement by the bank said the programme was conceived to change the mindset of graduates towards entrepreneurship. It will also equip them with skills necessary to bridge the gap between employees’ expectations and employer’s requirements. Abubakar Suleiman, chief financial officer of the bank, explained that the concert was conceived to strategically help the financial institution to actualise its corporate social responsibility drive in the education sector.

“This programme is expected to change the mindset of our youths whereby they will begin to think of being their own boss by embracing entrepreneurship. Those in the paid employment will also begin to think of what they could give back to the institution where they earn their living and not necessarily what they stand to gain,” he said.

Already, non-governmental organisations and professionals have aligned with the vision, according to the bank. The statement quoted Iyaduni Olubode, a representative from LEAP Africa, as commending the bank for investing in the future of youths in the country in a news conference in Lagos.

Olubode, also observed that the programme would go a long way in preparing the minds of “our youths on the challenges in the workplace and help to build the required confidence to engage professionally and instill in them the confidence to communicate and relate with their colleagues.”

Diamond Bank Promotes Over 450 Staff

Diamond Bank PLC recently announced the promotion of more than 450 of its staff across various grade levels. According to the bank’s Head of Corporate Communications Division, Mrs. Ayona Trimnell, “this recent promotion exercise is part of the bank’s annual performance review exercise as the bank seeks to continuously recognize and reward members of staff who have excelled in the workplace. At Diamond, we have always maintained that the Bank’s performance is linked to the quality of the staff it retains. As such, in the last few days, more than 450 members of staff who have excelled have been promoted.

This recent promotion exercise marks a double celebration for staff of the Bank as the Bank recently declared an unprecedented profit after tax of N28.5billion for the last financial year ended. This signifies an impressive 29% growth in the Bank’s profit in an industry that showed largely dwindling financial performance in the last financial year as a result of stifling regulations and negative global economic outcomes.

“For us to continue to perform excellently like we did in 2013, we have to recruit and retain the best people in the industry. That is why, every year, we recruit the best talent in the industry, and also assess our staff on the basis of key performance indicators (KPIs) and deliverables, said’’ Mrs. Trimnell.

Diamond Bank has consistently emerged as one of the largest employer of talent in the Nigerian Banking industry with well over 2,224 new recruits in the last financial year, of which 1,181 are fresh graduates from reputable Universities around the country. The Bank boasts of a robust personnel engagement strategy that helps it to continually attract and retain the best talent in the industry. This is in fulfillment of its corporate vision of becoming a leading financial institution, with the best people, providing unequalled customer experience and delivering superior shareholder value.

Compiled by Chinwe Okafor 

— Apr. 14, 2014 @ 01:00 GMT