Sterling Bank Plc has said that it will improve human capital and encourage economic development and sustainability, especially in the areas of education.
The Chief Executive Officer, Sterling Bank Plc, Mr. Abubakar Suleiman, while speaking with stockbrokers and members of the investing public at the Nigerian Stock Exchange on Wednesday, said the key to human development in Nigeria is an enlightened population, adding that education reduces susceptibility to poverty and other challenges which suppress growth.
Suleiman noted that the growth of emerging market economies would enable financial service providers (especially banks) to gain strength and provide the impetus for expansion beyond their borders.
According to him, the bank recorded considerable growths in key performance indices in 2017 and the first quarter of 2018. This appeared to have quickened investor’s appetite for the stock, with the bank’s share price recording year-to-date return of more than 52 per cent.
Key extracts of the audited report and accounts for the year ended December 31, 2017 showed that Sterling Bank reported a profit after tax of N8.5 billion in 2017 as against N5.2 billion in 2016, representing an increase of 65 per cent.
Gross earnings increased by 19.8 per cent to N133.5 billion in 2017 compared with N111.4 billion in 2016. The bank sustained the upwardly performance with 65.2 per cent growth in profit in the first quarter ended March 31,
2018.
Suleiman also said that the bank had continued to grow across key financial indices as it continued to implement its long-term strategy aimed at making
the bank a globally competitive financial services franchise by financial and non-financial
measures.
According to him, with the 2017-2021 mid-term strategy, the bank plans to grow market share of deposits to five per cent, diversify its retail funding base, record non-performing loans below its peer group average as well as Return on Average Equity above peer group
average.
He added that the bank is also looking to achieve 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.
