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Sterling Bank grosses N33b in three months

Discussion in 'Stock Market and Economy news' started by Godspower, May 18, 2020.

  1. Godspower

    Godspower Well-Known Member

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    Sterling Bank Plc recorded gross earnings of N32.9 billion in the first quarter as net profit closed the three-month period at N2.07 billion. Profit before tax stood at N2.22 billion in first quarter 2020.

    Key extracts of the three-month period ended March 31, 2020 showed that net operating income rose marginally to N18.779 billion in first quarter 2020 as against N18.565 billion recorded during the corresponding period of 2019.

    Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, noted that despite a very challenging macro-economic environment, the bank’s net trading income grew remarkably to N984 million as against N435 million during the corresponding period, representing an increase of 126.2 per cent.

    The bank’s marginal drop in net profit was attributed to a combination of a decline in fees and commission income following the downward review of transactional charges and a slight increase in total expenses which rose from N15.3 billion in 2019 to N16.6 billion in 2020.
     
  2. Adewale Stock

    Adewale Stock Moderator
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    Sterling Bank Managing Director, Abubakar Suleiman, and three other executive directors at the financial institution, Raheem Owodeyi, Tunde Adeola and Yemi Odubiyi engaged in share dealings last week.

    The four executives traded about N42.36 million worth of shares, amid Sterling Bank‘s depreciation in the Nigerian stock market, having suffered -24% depreciation in the bourse, as investors stayed away from the firm following shareholders declining confidence in the lender’s growth.



    Shareholders massive sell off has dragged Sterling Bank’s share down to N1.55 kobo per share as at June 17, 2022, as stakeholders are willing to sell their holdings at a cheaper price to exit their investment from the lender, way below the N2.04 investors were willing to buy at the start of January 2021.

    The bearish sentiment has wiped off N14.10 billion from the market capitalisation of Sterling Bank, reducing its valuation from N58.73 billion, down to N44.62 billion, reflecting the capital market’s dwindling demand for Sterling Bank shares.

    Amid this downward trend, Suleiman, Owodeyi, Adeola, and Odubiyi, who are part of the top five direct majority shareholders, participated in the staff equity scheme, to acquire more shares of Sterling Bank.

    In a share dealing document obtained from the Nigerian Exchange Limited (NGX), it was gathered that Sterling Bank MD paid N19.92 million to acquire 13.02 million shares on June 16, taking his total investment in the firm to N93.53 million.
     

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