The Managing Director/Chief Executive Officer, Sterling Bank Plc, Mr. Abubaker Suleiman has assured the investing public and stock market community of the bank’s determination to ensure continued growth across key financial indices.
Suleiman stated this at the bank’s Facts Behind the Figures session at the NSE in Lagos. Sterling Bank Plc recorded a profit after tax(PAT) of N8.5 billion for the financial year ended December 31, 2017 as against N5.2 billion in 2016, showing an increase of 65 per cent. in profitability. Gross earnings increased by 19.8% to N133.5 billion in 2017 compared to N111.4 billion in 2016.
Speaking at the event, Suleiman said that the bank’s 2017-2021 mid-term strategy is to grow market share of deposits to five per cent, diversify its retail funding base, record non-performing loans below its peer group average as well as return on average equity (ROAE) above peer group average.
He further added that Sterling Bank is looking to achieve diversiﬁed income streams with top quartile position in all its operating areas, double digit revenue growth on yearly basis and reduce cost of funds to less than five per cent.
On its long-term strategy, the CEO disclosed that bank intended to become a globally competitive ﬁnancial services franchise by ﬁnancial and non-ﬁnancial measures, adding that it would continue to operate a fully sustainable business model with institutionalised processes that would outlive the stewardship of current owners and managers.
He also reiterated the bank’s commitment to its primary role of financial intermediation through intervention in sectors that will create jobs, improve living standard and bring about economic growth for the country.
Abubakar Suleiman identified the priority sectors as health, education, agriculture, renewable energy and transportation.
Speaking on the bank’s strategic initiatives, Executive Director, Operations and Services, Yemi Odubiyi, said the bank would manage risk, balance sheet and capital to deliver superior returns to shareholders; create a learning organisation to optimise productivity as well as operations and technology to drive better control, manage costs, complexity and risk.
He said all these would enable the bank to deliver excellent customer service and drive efficiency and sales through robust digital and payments capability.
According to Odubiyi, Sterling Bank intends to become a consumer banking franchise of choice for Nigerians through the provision of customer-centric and disruptive solutions such as Farepay, Specta, Switch, Snapcash, Social Lender, Saf Retail and i-invest, among other products that are changing the ways they access financial services.