• Thursday, February 29, 2024
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Sterling directors raise equity stake in deals worth N819m

Sterling Bank maintains growth trajectory as full year profit increases by 20%

The directors of Sterling Financial Holdings Company Plc and its subsidiary (Sterling Bank Limited) have raised their stakes in shares of the financial holding Company.

The directors (executive and non-executive) between August 3 and 11, 2023 bought 229.965million units of Sterling Financial Holdings Company Plc shares valued at N262.5million, according to notifications of share dealing by the company’s insiders.
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Among other banking counters, the company’s share price has risen the most this year by 157.1percent, according to trading data as at August 14 when it closed at N 3.60.

Yemi Odubiyi, MD/CEO, Sterling Financial Holdings Company Plc bought 17.5million units of the company’s shares at N3.75per share. Odubiyi recent share purchase in the company worth N65.625million.

Abubakar Suleiman, Non-Executive Director, Sterling Financial Holdings Company Plc bought 23.1million shares at N3.75 per share. Suleiman’s recent share purchase in the company worth N86.625million. Suleiman is a Non-Executive Director of Sterling Financial Holdings Company Plc and the MD/CEO of Sterling Bank Limited.

Raheem Owodeyi, Executive Director, Sterling Bank Limited (a subsidiary of Sterling Financial Holdings Company Plc) bought 14.7million units at N3.75 per share. Owodeyi’s recent share purchase in the financial holding company worth N55.125million.

Also, Tunde Adeola, Executive Director, Sterling Bank Limited (a subsidiary of of Sterling Financial Holdings Company Plc) acquired 14.7million units at N3.75per share in deal valued at N55.125million.

Further check on the directors’ dealings showed that Abubakar Suleiman on August 3 bought 50million units of the company’s shares at N3.36 per share in deal valued at N168million, while Tunde Adeola on August 9 bought 9.965million units at N3.47 per share in deals worth N 34.57million. Also, between August 7 and 9, Yemi Odubiyi bought 100million units at N3.54 per share in deal valued at N354million.

The condensed unaudited group interim financial statements of Sterling Financial Holdings Company Plc for the period ended June 30 shows gross earnings increased to N99.060billion the half-year (H1) 2023 from N78.381billion in H1’2022.

Also, the group’s profit before tax (PBT) rose to N 11.458billion in H1’23 from N8.619billion in H1’22, while profit after tax (PAT) printed higher at N10.680billion in H1’23 from N8.013billion in H1’22.

Its basic earnings per share rose to 37kobo in H1’23 from 28kobo in H1’22. Non-Performing Loan (NPL) ratio decreased to 3.16percent in H1’23 from 3.88percent as at full year ended December 31, 2022.

The following shareholders have shareholdings of 5percent and above as at June 30, 2023: Silverlake Investment Limited (7,197,604,531 units or 25percent), State Bank of India (2,549,505,026 units or 8.86percent), Mike Adenuga (1,620,376,969 units or 5.63 percent), and Ess-ay Investments Limited (1,462,919,568 units or 5.08percent).

Sterling Financial Holdings Company Plc with a free float percentage of 35percent as at June 30, 2023, is compliant with The Exchange’ free float requirements for companies listed on the Main Board. Sterling Bank Plc with a free float value of N16.259billion as at June 30, 2022, is compliant with The Exchange’s free float requirements for companies listed on the Main Board.

Sterling Bank’s 28,790,418,124 shares were fully transferred to the Sterling Financial Holdings Company Plc (Holdco), making Holdco the sole shareholder of Sterling Bank.

On April 6, 2023, Sterling Bank’s shares were delisted from the Daily Official List of the Nigerian Exchange Limited (NGX), while the Holdco’s shares were listed on the Exchange. Sterling Bank was re-registered as a private company at the Corporate Affairs Commission (CAC) effective May 5, 2023.

The Bank held its Annual General Meeting on May 31, 2023 and pay the declared dividend of 15 kobo per ordinary share of 50 kobo each to Sterling Financial Holdings Company Plc.