Sterling Bank Plc has received the approval of its shareholders to pay a dividend of N1.72 billion, which translates to six kobo per share, for its financial year ended December 31st, 2014.
The Bank’s gross earnings for the year stood at N103.7 billion, a 13 percent increase against the N91.6 billion it made in 2013 while its profit before tax appreciated by 15.4 percent to N10.7billion.
The cost of fund dropped by 5.3 percent while the non-interest income grew by 18.3 percent to N25 billion from N21.8 billion in the previous year.
At the Bank’s Annual General Meeting held in Lagos last week, the shareholders commended the Board and Management of the bank for the good performance.
They said that despite all the harsh economic situation and political uncertainty of last year, the Bank still gave out a dividend of six kobo, which was still good.
They, however, urged the Board to make sure that 2015 is much better so the bank can improve on what they have done in 2014,
Meanwhile, the Managing Director/CEO of the Bank Mr. Yemi Adeola, said the 2014 financial year was reflective of the bank’s strong growth model.
He added that despite the headwinds that the bank had to contend with during the year, it achieved “double digit earnings growth in line with our medium-term strategic objectives.”
He agreed with the shareholders that Sterling Bank would deliver great returns for them in the nearest future.
Speaking on the money raised by the Bank last year, he said that the fund would ultimately lead to greater dividend.
He further stated that the capital plans of the bank remained on course “as we advance to the last phase of the capital raising programme, a multi- currency surbodinated debt tranche of $200 million”.