STERLING Bank Plc shareholders at their annual general meeting, AGM, held in Lagos, commended the lender and expressed satisfaction with the 9 kobo dividend declared by the bank for the year ended 31 December 2015.
The dividend, which was paid out yesterday depicts an increase 50 per cent (or 3 kobo) over the 6 kobo of the previous year.
A shareholders leader, Dr. Faruk Umar, commended the effort of board and management of Sterling Bank for impressive performance at a time when some of its peers’ profits were declining.
He also lauded the bank for maintaining high corporate governance and advised that it should be sustained to help improve profits.
Similarly, he urged the board to work harder in sustaining and improving on the current performance of the bank by expanding its branch networks especially in the eastern part of the country.
Likewise, Coordinator, Constance Shareholders Association of Nigeria, Mallam Shehu Mikail, who was also, excited with the bank’s stellar performance, expressed satisfaction over 9 kobo per share dividend.
He however, urged the bank’s board to improve on their dividend coming 2016. Sterling Bank Plc had reported 6.28 per cent increase in its gross earnings for audited financial statements report for the year ended 31 December 2015.
The bank recorded growth in virtually all its performance indicators for the year, as its gross earnings rose by N6.517 billion from N103.679 billion it made in 2014 to end 2015 with N110.194 billion. It’s profit before tax rose by N268 million or 2.49 per cent to N11.016 billion from N10.748 billion.
In the same breadth, profit after tax rose by some N1.288 billion, representing 14.3 per cent to N10.293 billion due to a higher retention of organic capital compared to the previous period. Non-interest income grew by 13.7 per cent from N25.7 billion to N29.3 billion largely due to a 57 per cent increase in trading income.


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