Sterling Bank reports N12 4bn profit - Punch Newspapers punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
As a Nigerian interested in investing or making money, names like Aliko Dangote, Femi Otedola, Mike Adenuga, Tony Elumelu, Jim Ovia, Rabiu Abdulsalam etc., come to mind as aspirational role models. These men have all made billions of naira investing in companies listed on the Nigerian Stock Exchange either as founders or strategic investors.
However, there are many other lesser-known investors in companies listed on the Nigerian Stock Exchange who are worth billions (in naira). These investors are seasoned and while they may not always be the founders of the companies they are invested in; they own a significant chunk of the business through strategic investment stakes that earn them billions annually in capital appreciation and dividends.
Sterling Bank MD spearheads crowdfunding for beach clean up - vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
Chibuzor Oluchi
Despite the adverse effect of the Covid-19, Sterling Bank Plc has reported a N12.4 billion profit before tax (PBT).
The lender reported the profit before tax on gross earnings of N138.9 billion in the financial year ended December 2020 compared to a PBT of N10.7 billion on gross earnings of N150.2 billion in the same period of 2019, representing a 15.9% growth.
In response to the pandemic and expected credit losses, Sterling Bank proactively increased the cost of risk by 10 basis points to 1.0% while moderating the Non-Performing Loan ratio downwards by 30 basis points to 1.9%.
Commenting on the results, the bank’s Chief Executive Officer (CEO), Abubakar Suleiman said: “2020 was an extraordinary defined by the global pandemic. COVID-19 disrupted society and severely impacted economic activities.
Punch Newspapers
Sections
Nike Popoola
Published 15 March 2021
Sterling Bank Plc has assured the Cross River State Government of its continued support and partnership in the implementation of the state’s health insurance scheme tagged ‘Ayade Care’.
It said this on Sunday in a statement titled ‘Sterling Bank assures Cross River on health insurance scheme’.
The statement said the state government recently launched the scheme in Calabar, the state capital, as part of an effort to achieve health insurance cover for vulnerable citizens in the state.
Speaking at the launch, Divisional Head, Education and Health Sectors, Sterling Bank, Mr Obinna Ukachukwu, said the state’s pragmatic approach to the issue of health insurance was commendable as it differed markedly in approach from the norm experienced in the execution of most public service projects.