Stakeholders have commended the performance of Sterling Bank during its last financial year ended Dec. 31, 2011.
During the period, Sterling Bank posted a profit after tax of N6.69 billion, a growth of 60 per cent over the N4.18 billion recorded in 2010.
The result, published by the Nigerian Stock Exchange (NSE) on Friday, showed that the bank’s gross earnings also grew by 48 per cent to N45.17 billion from the N30.39 billion posted in 2010.
The bank's fixed assets stood at N8.93 billion in 2011 compared with the N4.28 billion posted in 2010, representing an increase of 108 per cent.
NANreports that the bank is proposing a dividend of 10k per share, subject to approval of its shareholders at its annual general meeting on May 15, 2012.
Also, the bank's net assets appreciated to N40.95 billion as against N26.32 billion in 2010, an increase of 55 per cent.
MalamGarba Kurfi, the Chief Executive Officer of APT Securities and Funds Ltd., told NAN that the bank performed above operators' expectations.
Kurfi commended the bank’s management for the improved result, saying that the result had started to reflect on the bank's share price”.
Mr Eugene Ezenwa, the Managing Director, Pac Securities Ltd., called on the bank's management to maintain the tempo in the current financial year.
He said that the bank should continue to explore investment opportunities to ensure that all stakeholders benefitted from its merger with Equatorial Trust Bank.
Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), described the bank's result as commendable.
“The dividend statement shows that the bank is back in paying dividend to its shareholders,” Okezie said.
Mr James Osoka, s shareholder, said that the bank’s board and management should work harder to be among the top 10 banks in the country.
NANrecalls that the bank, in September 2011, merged with Equatorial Trust Bank to form a more formidable financial institution.