Sterling Bank outlines growth Potentials; Shareholders comments resilience

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AGM…L-r MD/CEO, Sterling Bank, Yemi Adeola discussing with Chairman Board of Directors of the Bank Mr. Asue Ighodalo, during the 54th Annual General Meeting AGM of Sterling Bank, held at Eko hotels in Lagos on Tuesday 19/4/2016 PHOTO CHINYERE IKEANYI


The board and management of Sterling Bank Plc yesterday laid out the lender’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”.

In his address to shareholders at the annual general meeting yesterday in Lagos,Asue Ighodolo, Chairman, Board of Directors of the bank said our plans for the period are anchored on the consensus view of economic researches including international monetary fund (IMF) which forecast growth of just a little lower than 1% for the current year and about 2.8% for 2018. We expect that the benefits of the various economic re-structuring initiatives of the federal government will begin to materialize thereby stimulating economic recovery, he added.

Ighodalo also noted that the bank was poised to take advantage of emerging opportunities in the economy.

He noted that the bank recorded resilient performance in 2016 in spite of the macroeconomic challenges as it reported profit after tax of N5.2 billion on gross earnings of N111.4 billion during the year.


“I am proud to report that our bank remained resilient and we recorded notable achievements. We are therefore poised to take advantage of emerging, identified and created opportunities as our economy recovers from its most difficult period in recent memory,” Ighodalo said.


The Chairman 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.


Also Managing Director, Sterling Bank Plc, Yemi Adeola, said 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 rollout. Besides, it will also ensure disciplined use of its institutional liquidity and capital through improvement in lending practices and overall risk management culture.


He added that 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 reemphasise 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 noted.


He said the bank would continue to boost innovative banking – driven by market insights that would enable it   serve its customers satisfactorily while implementing significant investment in technology-led growth initiatives and accelerating the growth of its non-interest banking segment.

Founding National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu also lauded the management of the bank for its positive and encouraging performance in 2016.

President, Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, praised the bank for being prudent and responsible.


Meanwhile, a total volume of 7,965,000 units at N100 each belonging to Sterling Investment Management SPV Plc were admitted to trade at the Exchange on Friday 12th May, 2017.


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