Shareholders of Sterling Bank Plc have commended the board and management of the bank for the improved financial performance despite the adverse impact of the Covid-19 pandemic.
The shareholders at the 2021 Annual General Meeting (AGM) of the bank held by proxy in Lagos and streamed live across digital platforms last week also approved resolutions for the declaration of a dividend of five kobo per share, the election of directors, remuneration of auditors, and the election of shareholders’ representatives on the statutory audit committee.
Commenting on the bank’s performance, Mr Matthew Akinlade, President of Nigeria Solidarity Shareholders Association (NSSA), noted the consistency in the bank’s earnings per share in the last five years. In her comments, Mrs Bisi Bakare, National Coordinator of Pragmatic Shareholders Association, congratulated the bank for another successful year.
She applauded the Board and Management for the significant growth in total assets and deposit base, improved retained earnings, increased profit before tax and reduced operating costs and non-performing loans.
Mr Boniface Okezie, National Chairman of Progressive Shareholders Association, also commended the bank for its achievement in a pandemic year.
He appreciated the bank’s management for the consistent dividend payout while urging it to continue to pursue its repositioning strategies aggressively to ensure it competes favourably in the industry. Addressing shareholders at the meeting, Mr Asue Ighodalo, Chairman of the Board of Directors of the bank, remarked that the bank focused on the continued strategic development of its core pillars – Digitisation, Agility and Specialisation – in a challenging year.
He said the bank has effectively engaged with existing and potential customers and responded to market trends and developments while maintaining its long-standing commitment to innovation.
Ighodalo said, “Sterling Bank sustained an improvement in business performance during the year under review despite the harsh economic environment triggered by the Covid-19 pandemic. Although earnings declined by 7.5 per cent to N138.9 billion, we delivered a 15.9 per cent growth in profit before tax and a 6.0 per cent growth in profit after tax to N12.4 billion and N11.2 billion respectively.”