Besides, the bank is also projecting a non-performing loan (NPL) of
less than five per cent in the current financial year against 6.2 per
cent posted in 2017.
The Managing Director of the bank, Abubakar Suleiman, while
addressing stockbrokers at its Facts behind the Figures, at the Nigerian
Stock Exchange (NSE), in Lagos, on Tuesday, said the bank had aligned
its business model to offer financial and non-financial solutions to
five key priority sectors of the economy. They include: health,
education, agriculture, renewable energy and transportation.
He explained that the bank’s choice of market segments was based on
the understanding of emerging trends in the macro-economic environment,
and opportunities in the sectors of interest.
Suleiman said Sterling Bank would continue to mobilise private sector
capital to solve some of the most pressing social and economic needs of
the people, adding that its intervention in these sectors would boost
its performance as well as enhance their growth and development.
According to him, the bank recorded improved performance in its
financials, which resulted in renewed investor’s confidence, adding
added that this has seen its stock recording over 52 per cent
year-to-date price gain.
Furthermore, he explained that the bank reported a profit after tax
of N8.5billion for the financial year ended December 31, 2017, against
N5.2billion in 2016, representing an increase of 65 per cent in
profitability.
Gross earnings increased by 19.8 per cent to N133.5billion in 2017
compared to N111.4billion in 2016. Sustaining the impressive
performance, Sterling Bank reported a profit growth of 65.2 per cent for
the first quarter ended March 31st.
Suleiman disclosed that the bank is also looking towards achieving
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 percent.
On the bank’s long-term strategy, the CEO disclosed that Sterling
Bank intends 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.
Speaking on the bank’s strategic initiatives, the Executive Director,
Operations and Services, Yemi Odubiyi, said Sterling Bank would manage
risks, balance sheet and capital to deliver superior returns to
shareholders; create a learning organisation to optimise productivity
and 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.
He added that the bank intends to become a consumer banking franchise
of choice through the provision of customer-centric and disruptive
solutions, such as Farepay, Specta, Switch, Snapcash, Social Lender, Saf
Retail and i-invest, and a host of other products.
Sterling
Bank Plc has announced that the bank has adopted a strategic plan that
would enable it increase customer base by 15 per cent in the next
financial year from N684.8 billion achieved in 2017.Pages
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