Sterling Bank Grows Shareholders’ fund by 22%, Gets Commendation


Goddy Egene

Shareholders of Sterling Bank Plc, have commended its financial performance and dividend payout for the financial year ended December 31, 2019. They gave the commendation at the 58th annual general meeting (AGM) of the bank held virtually by proxy.

Speaking at the meeting, President, Progressive Shareholders Association, Mr. Boniface Okezie, said: “Our bank’s AGM is always a day of celebration; a day to give kudos to the board, management and entire workforce for their hard work. But we are constrained by COVID-19 and cannot roll out the drums to celebrate the achievement of our bank today. All the same, we thank the board and management for the impressive outing in 2019 and the dividend recommendation.

Also speaking, National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, appreciated the increase in the bank’s demand deposit which went up by 47 per cent and described it as “quite good.”

Addressing the shareholders at the meeting, Chairman of Sterling Bank Plc, Mr. Asue Ighodalo, said the bank’s shareholders’ fund grew by 22.2 per cent to N119.6 billion because of increase in retained earnings despite the challenging operating environment under which it operated during the financial year ended December 31, 2019.

The Chairman said the recorded growth in total equity was attributable to growth in comprehensive income arising from gains recorded from investments in debt securities.

“Accordingly, the board recommends the payment of three kobo per share as dividend for the year ended December 31, 2019 to reward our loyal and committed shareholders. This affords the bank the required buffer to finance its growth ambitions, and effectively become a first-class, stronger, creative and extremely dependable financial institution,” he said.