Finance

Sterling Bank declares 29% increase in profit, proposes N0.15 dividend

Shareholders approve Sterling Bank dividend payment

Sterling Bank Plc has reported a growth of 29 per cent in its profit after tax for 2022 to N19.3billion in comparison to N15 billion as reported by the bank for the end of the 2021 financial year.

The lender in its earnings on the floor of Nigerian Exchange Limited (NGX) disclosed N175billion gross earnings in 2022, an increase of 17 per cent from N1550billion recorded in 2021.

Sterling Bank closed the year with N1.86trillion in total assets, an increase of 14.4 per cent from N1.62trillion reported in 2021.

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The bank also reported an increase in customers’ deposits in 2022, N1.33 trillion; a 9.8 per cent increase compared to N trillion in 2021.

The bank declared a dividend of N0.15k per share, representing a 10per cent  dividend yield on the average stock price over the past year and a 50per cent  improvement on the previous year’s payout.

Reflecting on the year’s performance, Chief Executive of Sterling Bank, Mr. Abubakar Suleiman in a  statement said, “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally.

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“These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our new environment and continued to deliver value.

“We launched the first Africa Social Impact Summit and unveiled the LAG ID partnership, the first state smart ID card product in West Africa, amongst other innovations.

“In 2022, we consolidated our investments in the Sterling franchise culminating in the approvals for restructuring into a holding company. The restructuring will empower us to accelerate our growth and facilitate our expansion into other permissible businesses, diversify our revenues,and enhance long-term stakeholder value.

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He added that, “Overall, the bank delivered a profit after tax of N19.3 billion for the year ended  December 31, 2022, a 28.5per cent improvement on the corresponding period in 2021.”

Thisday

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