{"id":13088,"date":"2017-05-11T18:54:35","date_gmt":"2017-05-11T17:54:35","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=13088"},"modified":"2017-05-11T18:54:35","modified_gmt":"2017-05-11T17:54:35","slug":"shareholders-laud-sterling-banks-performance","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/shareholders-laud-sterling-banks-performance\/","title":{"rendered":"Shareholders laud Sterling Bank\u2019s performance"},"content":{"rendered":"<p class=\"xp1\"><span class=\"contextualextensionhighlight\"><span lang=\"EN-GB\">Shareholders of Sterling Bank Plc. commended the Bank\u2019s Board and Management for reporting a profitable performance for the year ended December 31, 2016, despite the harsh macro-economic environment that characterised the year under review.<\/span><\/span><span class=\"xs1\"><span lang=\"EN-GB\">\u00a0<\/span><\/span><span class=\"xapple-converted-space\"><span lang=\"EN-GB\">\u00a0<\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">This took place at the Bank\u2019s 55<sup>th<\/sup> <\/span><\/span><span class=\"contextualextensionhighlight\"><span lang=\"EN-GB\">Annual General Meeting (AGM), which held at Eko Hotel &amp; Suites, Victoria Island, and Lagos on Thursday May 11, 2017.<\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">Dr Faruk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders (AARNS) praised the Bank for being prudent and responsible, and also took the opportunity to offer his congratulations to the Bank for \u00a0\u00a0winning\u00a0the Agric Bank of the Year Award from the Nigeria Agriculture Awards (NAA) recently. <\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">Umar who projected an even stronger performance by the Bank in 2017, equally commended the Chairman of the Bank, Mr. Asue Ighodalo for his effective leadership.<\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">Similarly, Mr. Sunny Nwosu, Founding National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), extolled the Management of the Bank for its positive and encouraging performance in 2016. <\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">Earlier in his address to shareholders at the AGM, Chairman of the Bank, Mr. Asue Ighodalo reported that the Bank recorded a Profit after Tax of N5.2 billion on Goss Earnings of N111.4 billion for the financial year ended December 31, 2016.<\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">He further stated that Net Interest Income increased by 41.6 percent to N56.0 billion as against N39.5 billion in 2015, due to a 22.5 percent increase in Interest Income, while Operating Income was N68.3 billion. <\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">Operating Expenses increased marginally to N50.6 billion from N49.7 billion in 2015, despite inflationary pressures \u2013a reflection of the effectiveness of the Bank\u2019s strategic cost control measures.<\/span><\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">Further analysis of the Bank\u2019s financial position showed that Net Loans and Advances increased by 38.2 percent to N468.2 billion compared to N338.7 billion in 2015 driven primarily by foreign exchange revaluation.<\/span><\/span><\/p>\n<p class=\"xp1\"><span lang=\"EN-GB\"><span class=\"xs1\">Total Assets (excluding contingent liabilities) increased by 4.3 percent to N834.2 billion from N799.5 billion in 2015 while Shareholders\u2019 Funds stood at N85.7 billion.<\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">In his remarks, Mr.\u00a0Yemi Adeola, the Managing Director\/Chief Executive of the Bank stated that, \u201c2016 was a difficult year for the Nigerian economy as it was characterized by high inflation, weak oil prices, lower crude oil output and foreign exchange supply shortages. These multiple challenges and the various regulatory responses put significant downward pressure on the earnings of banks\u201d.\u00a0<\/span><\/span><span class=\"xapple-converted-space\"><span lang=\"EN-GB\">\u00a0<\/span><\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">\u201cIn the face of these difficulties, our Gross Earnings grew for the 6th consecutive year to N111.4 billion.<\/span><\/span><span class=\"xapple-converted-space\"><span lang=\"EN-GB\">\u00a0\u00a0<\/span><\/span><span class=\"xs1\"><span lang=\"EN-GB\">We also maintained our commitment to operating efficiency, as highlighted by an improvement in Net Interest Margin to 9.3 percent and a 22.5 percent growth in Interest Income. In addition, we successfully limited the growth in Operating Expenses to 1.9 percent despite the high inflationary environment.\u201d\u00a0<\/span><\/span><span class=\"xapple-converted-space\"><span lang=\"EN-GB\">\u00a0<\/span><\/span><\/p>\n<p class=\"xp1\"><span lang=\"EN-GB\">On the outlook for the Bank under its 2017- 2021 Strategic Plan, Mr. Adeola stated, \u201cwe expect that the Federal Government\u2019s fiscal intervention schemes alongside supportive economic policies will create pathways for economic recovery. Over the next 5 years, we will be steering our ship differently and aggressively growing the retail business through electronic channels.\u201d<\/span><\/p>\n<p class=\"xp1\"><span class=\"xs1\"><span lang=\"EN-GB\">He also pledged that the Bank would continue to boost innovative banking driven by market insights that would enable it\u00a0\u00a0 serve its customerssatisfactorily, implement significant investment in technology-led growth initiatives and acceleratethe growth of its Non-interest Banking segment.<\/span><\/span><\/p>\n<p>&#8211;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Shareholders of Sterling Bank Plc. commended the Bank\u2019s Board and Management for reporting a profitable performance for the year ended December 31, 2016, despite the harsh macro-economic environment that characterised the year under review.\u00a0\u00a0 This took place at the Bank\u2019s 55th Annual General Meeting (AGM), which held at Eko Hotel &amp; Suites, Victoria Island, and &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":11,"featured_media":13089,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[757],"coauthors":[2392,2393],"class_list":["post-13088","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-sterling-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shareholders laud Sterling Bank\u2019s performance - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/shareholders-laud-sterling-banks-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shareholders laud Sterling Bank\u2019s performance - National Wire\" \/>\n<meta property=\"og:description\" content=\"Shareholders of Sterling Bank Plc. commended the Bank\u2019s Board and Management for reporting a profitable performance for the year ended December 31, 2016, despite the harsh macro-economic environment that characterised the year under review.\u00a0\u00a0 This took place at the Bank\u2019s 55th Annual General Meeting (AGM), which held at Eko Hotel &amp; 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