Business

Sterling Bank reports 10% growth in net interest

Sterling Bank Plc has reported a net interest income of N33.5 billion during the half-year ended June 30, 2020, as against N30.4 billion during the corresponding period of 2019, representing a growth of 10.1 per cent.

 

The bank’s total assets also rose by 9.4 per cent to N1,294.2 billion during the review period from N1,182.7 billion in 2019 while customer deposits inched up by 2.5 percent to N915.2 billion in 2020 from N892.7 billion in 2019.

 

The lender closed the halfyear with a trading income of N3.9 billion as against N1.2 billion for the corresponding period of 2019, representing a remarkable increase of 242.8 per cent. Commenting on the financial performance, the Chief Executive Officer (CEO) of Sterling Bank Plc, Mr. Abubakar Suleiman, said: “Our impressive half-year performance in the face of the COVID-19 and the ensuing economic disruption belies the rough seas ahead.

 

In the second quarter of the reporting period, we focused on empowering our stakeholders to respond to the unprecedented disruption occasioned by prolonged restriction to movement while supporting them to adapt to new ways of banking.

 

“Our commitment to digitisation was validated as we continued to serve existing and new customers through our mobile and digital platforms.

 

We also responded to the uncertainty by doubling down on cost optimisation while leveraging our existing remote work policy to keep our workforce productive without risking COVID-19 infection. Notwithstanding rising inflation, we were able to moderate operating expenses during H1’20 to deliver a net profit comparable to the first half of 2019.

 

“In the second half of the year, our focus remains the same; retooling our employees to function optimally while observing social distancing, enhancing our execution capacity and enabling our customers to thrive in the middle of a pandemic.

 

We will continue to focus on the sectors that are critical to the well-being of the economy, or as we call it, the HEART sectors namely: Health, Education, Agriculture, Renewable Energy and Transportation.” exchanged in 4,718 deals.

 

Further analysis of the day’s trading showed that Neimeth Pharmaceuticals Plc led the gainers with 10 per cent to close at N1.65 per share while Flour Mills Nigeria Plc followed with 9.97 per cent to close at N18.75 per share and UPL Plc with a gain of 9.90 per cent to close at N1.11 per share.

 

On the flip side, UACN Plc led the losers’ chart with a drop of 10 per cent to close at N6.30 per share. AIICO Insurance Plc followed with a loss of 9.57 per cent to close at 85 kobo per share while SUNU Assurance Plc dropped by 9.09 per cent to close at 20 kobo per share. objectives in the real estate industry.

 

It also marks a significant milestone aligned with UAC’s strategy to focus on its core businesses. The deal highlights showed a sale of 9,465,584,668 UPDC ordinary shares held by UAC, representing 51 per cent of UPDC’s issued share capital, to Custodian.

 

The sale shares will be sold in two tranches. There will be an initial sale of 946,558,467 shares, representing 5.10 per cent of the issued share capital of UPDC on execution of binding transaction agreements and subsequent sale of 8,519,026,201 shares, representing 45.90 per cent of the issued share capital of UPDC upon receipt of requisite approvals.

 

Completion of the sale is subject to regulatory approvals from the Nigerian Stock Exchange and the Federal Competition and Consumer Protection Commission. Commenting on the partnership, Wole Oshin, Group Managing Director of Custodian Investment Plc, said: “We at Custodian are excited about the possibilities arising from this partnership with UAC which provides multiple levers for value creation.

 

“The rationale for the transaction is that Custodian and UAC share the view that their ambitions for capturing opportunity in the real estate industry will be better achieved working in partnership

 

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