.JSE lifts technical suspension on Oando shares
Goddy Egene
Sterling Bank Plc on Monday reported a
growth of 65 per cent in profit after tax (PAT) for the year ended
December 31, 2018. The audited results of the bank showed PAT of N8.521
billion, up from N5.163 billion posted in the 2016. The profit was
recorded from gross earnings of N133.490 billion in 2017, compared with
N111.440 billion in 2016.
The financial institution ended
the year with net interest income of N50.180 billion, down from N55.990
billion, while impairment charges rose from N11.714 billion to N12.267
billion in 2017. Profit before tax grew from N6 billion to N8.606
billion, while PAT improved from N5.163 billion to N8.521 billion.
Based on the results, the board of
directors of the bank has recommended a dividend of two kobo per share
for the shareholders’ approval.
The former Managing Director/Chief
Executive of Sterling Bank Plc, Mr. Yemi Adeola, had last year told
shareholders that bank would aggressively grow its retail business
through electronic channels over the next five years.
According to him, the bank would
continue to boost innovative banking, driven by market insights that
would enable it serve its customers satisfactorily, implement
significant investment in technology-led growth initiatives and
accelerate the growth of its non-interest banking segment.
Meanwhile, the JSE Securities Exchange
has lifted the technical suspension on Oando Plc. According to the South
African bourse, it acted based on information from the Nigerian Stock
Exchange (NSE), which is the primary listing of the Oando Plc.
The NSE had last Wednesday lifted the
technical suspension on the shares of the energy and gas company before
reinstating the suspension some hours later.
The Exchange said subsequent to the
lifting of the technical suspension, on 11 April 2018, it received
another communication from SEC to maintain the status quo prior to the
Commission’s letter of 9 April 2018, (the technical suspension of
trading in Oando’s shares.)
“In the overall interest of investors in
Nigeria’s capital markets, and following consultation with the
Commission please be advised that at the start of trading tomorrow
(today), 12 April 2018, trading in Oando’s shares will resume without
any impediment in price movement consistent with the NSE’s market
structure.
In its own explanation, SEC said the
technical suspension of Oando shares took longer than expected on
account of the lawsuits from its shareholders and the company itself.
“However, the suspension of the shares
of Oando Plc was prolonged due to several litigations by Oando and other
shareholders contesting the propriety of the forensic audit and
technical suspension. All litigations have now been withdrawn, the
independent forensic audit by Deloitte is ongoing and the preliminary
result is expected,” the capital market regulator said.
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