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Tag: Sterling Bank

  • Industrialist praises Sterling Bank’s commitment to economic growth

    The Chairman and Chief Executive of The Bazaar Limited, a growing player in the retail outlet and food chain business in Nigeria, Mr. Rajesh Mehta, has praised Sterling Bank Plc for its contribution to the economic growth of the country.

    The industrialist, who spoke at the opening of The Bazaar Retail Store outlet in Ogba, Lagos, said the lender has been providing adequate capital for its customers across the value chain in all the sectors of the economy.

    He said the provision of capital and other advisory services by the bank has boosted the growth of his business.  “Sterling Bank is indeed, a bank of choice. We have been banking with the bank for the past 20 years. We started with one of its legacy institutions- Magnum Trust Bank and we have come this far because of the quality of banking services we enjoy from the bank. Apart from the provision of capital, the advisory services provided by the bank stand out in the industry and its staff are adequately trained to support the business growth of their customers,” he said.

    According to Euromonitor International, a leading independent provider of strategic market research globally, Nigeria’s retail business has become more organised in recent years. The huge demand posed by the country’s population has made it a hotbed for international retailers and investors. It is expected that this trend would be replicated across the various sectors of the economy.

    Corroborating the claims by Mr. Mehta, the bank assured that it will continue to support the growth of both new and existing businesses in various sectors of the economy “No business can run successfully without sufficient working capital,” the bank noted.

    The bank said it is already equipping the operators in the Micro Small and Medium Enterprises (MSMEs) segment with the right skills to effectively manage their businesses for success.

  • Industrialist praises Sterling Bank’s commitment to economic growth

    The Chairman and Chief Executive of The Bazaar Limited, a growing player in the retail outlet and food chain business in Nigeria, Mr. Rajesh Mehta, has praised Sterling Bank Plc for its contribution to the economic growth of the country.

    The industrialist, who spoke at the opening of The Bazaar Retail Store outlet in Ogba, Lagos, said the lender has been providing adequate capital for its customers across the value chain in all the sectors of the economy.

    He said the provision of capital and other advisory services by the bank has boosted the growth of his business.  “Sterling Bank is indeed a bank of choice. We have been banking with the bank for the past 20 years. We started with one of its legacy institutions- Magnum Trust Bank and we have come this far because of the quality of banking services we enjoy from the bank. Apart from the provision of capital, the advisory services provided by the bank stand out in the industry and its staff are adequately trained to support the business growth of their customers,” he said.

    According to the Euromonitor International, a leading independent provider of strategic market research globally, Nigeria’s retail business has become more organised in recent years. The huge demand posed by the population of the country has made the country a hotbed for international retailers and investors. It is expected that this trend would be replicated across the various sectors of the economy.

    Corroborating the claims by Mr. Mehta, the bank assured that it will continue to support the growth of both new and existing businesses in various sectors of the economy “No business can run successfully without sufficient working capital”, the bank noted.

    The bank said it is already equipping the operators in the Micro Small and Medium Enterprises (MSMEs) segment with the right skills to effectively manage their businesses for success.

    “Last year, we organised the first MSME Academy which was well attended by operators in this segment to equip them with the right skills and minds set to effectively manage their businesses for success. In response to the positive feedback and customers’ request, we are expanding the academy to more locations across the country.”

     

  • Sterling Bank grosses N55b in first half

    Sterling Bank grosses N55b in first half

    Sterling Bank Plc recorded modest growths in the first half with 12 per cent growth in the top-line and 6.9 per cent increase in net profit.

    Key extracts of the interim report and accounts for the half year ended June 30, 2015 released yesterday at the Nigerian Stock Exchange (NSE) showed steady growth in key performance indices, underlining the resilience of the bank against inclement operating environment and regulatory headwinds.

    Gross earnings rose by 12 per cent to N55 billion in first half of 2015 as against N49.39 billion in corresponding period of 2014. The top-line was driven by a 32.2 per cent increase in non-interest income to N15.2 billion from N11.4 billion reported in the corresponding period of 2014. Profit before tax inched up by 1.43 per cent from N5.97 billion to N6.06 billion. Profit after tax rose by 6.9 per cent to N5.4 billion in first half 2015 as against N5.1 billion in comparable period of 2014.

    Further analysis showed that operating expenses was relatively flat at N24.2 billion leading to an improvement in cost –to-income ratio. The bank’s balance sheet also came in stronger with shareholders’ funds increasing by 4.4 per cent to N88.4 billion as against N84.7 billion in 2014.Total assets , excluding contingent liabilities, increased by 1.2 per cent to N834.0 billion as against N824.5 billion in 2014.

    Commenting on the results, managing director, Sterling Bank Plc, Mr. Yemi Adeola, said the bank continued to strengthen its mid and bottom-line performances, as its increasing focus on cost reduction, credit risk management and operating efficiency cushioned macro headwinds and retained value for shareholders.

    According to him, the performance in the first half underscored the steady progress of the bank’s growth plan and its resilience in the face of regulatory and other macroeconomic headwinds.

    He noted that the bank prioritized performance optimization and operational efficiency leading to a 260-basis points improvement in cost-to-income ratio while it also achieved pre-tax return on average equity of 14 per cent with a double-digit growth in top-line earnings.

    He pointed out that the capital position of the bank has remained strong with capital adequacy ratio at 15 per cent, 50 per cent higher than the regulatory benchmark.

    Adeola said the bank would in the second half complete the ongoing implementation of a number of technology-led service improvement initiatives across core and subsidiary systems in order to improve operating efficiency and employee productivity.

    “Furthermore, we remain confident that we will complete the final tranche of our capital program in order to build additional resilience in view of the prevailing difficult macro-economic conditions while also strengthening earnings capacity”,  Adeola added.

  • Sterling Bank bags ISO certification

    Sterling Bank bags ISO certification

    Sterling Bank Plc has received the TCIC ISO 20000-1Certification. The feat is in recognition of its attainment of best Service Management Standards and global best practices in service management.

    TCIC Global Certification Limited is a Management System Certification Independent Audit/Assessment Accredited Training provider founded in 2003. The company provides the certification audit of the management system, independent audit/assessment services, the personnel certification/ registration and the Accredited Training Providers alongside other value-added service for the clients.

    With this development, Sterling Bank has met one of the components spelt out in the Central Bank of Nigeria (CBN) roadmap for Technology Departments of deposit money banks in the country.

    The bank in a statement signed by its Group Head, Strategy & Communications, Shina Atilola explained that the journey to implementing ISO 20000-1 commenced in July 2014 and ended in February 2015. The training and certification audit took place between July and August, 2015.

    “This certification came about after an audit was conducted on the Bank to review our people and practices. The standard stipulates a certain level of competence for IT (Information Technology) staff, and in order to meet this standard, several staff within our Technology group undertook trainings and certification examinations,” he said.

    “In achieving this feat, the Bank implemented 13 processes and also created an IT service management unit, of which the IT service desk is an important component. The 13 processes are Capacity Management; Service continuity and availability Management; Service level Management; Service reporting; Information security Management; Budgeting and accounting for services;

    He said the lender is already reviewing proposals on the implementation of other components spelt out by the apex bank as part of its road map in ensuring that technology deployed by financial institutions in the country are in line with international best practices.

    He stated that the Bank will continue to improve on service delivery and added that “the demand for documentation that the standard requires is equally consistent with the Bank’s aspiration of being data led, this has helped in a great way to guide decision making in Technology”.

    Mr. Atilola also assured that the Bank will continue to establish clear framework guiding Change, adding that the creation of   business relationship management unit that ensures regular engagement between IT and its customers has made IT to be in the forefront of business activities and provides input upfront, as opposed to being relegated to the background.

  • Sterling Bank kicks off Shopping Dash Season 2

    Sterling Bank kicks off Shopping Dash Season 2

    Sterling Bank at the weekend, kicked off the second edition of the Shopping Dash programme at Shoprite in Festival Mall in Festac Town, Lagos.

    The event is organised by the bank to reward Children aged four to eight years with its “I Can Save” accounts in five states across the country for being loyal customers. The programme created a lot fun for the children at the event as they were given the opportunity to shop for a period of one minute at the Mall.

    From Lagos, the train will move to both Oyo and Rivers states on  where children can shop at both Shoprite, Ibadan Mall Opposite High Court, Ring Road and SPAR PHC Mall, Azikiwe Road, Port Harcourt.

    On Saturday Shoprite in Kwara Mall, Fate Road, Ilorin and Shoprite, Ikeja City Mall, Lagos went agog with the excitement as the kids shop to the admiration of cheering families and friends.

    The next stop was the SPAR Guru Plaza, 740, Aminu Kano Crescent, Wuse II, Abuja . The final stop on the Shopping spree is SPAR Lekki, Park ‘n’ Shop Shopping Centre, Behind Nicon Town & Total Filling Station, Lekki Express Way, Lagos on December 19.

    Some of the children who had the opportunity to participate were excited while their parents commended the bank for introducing the programme which they said would encourage more parents to open account for their wards.

     

     

     

  • Sterling Bank kicks off Shopping Dash Season 2

    Sterling Bank at the weekend kicked off the second edition of the Shopping Dash programme at Shoprite in Festival Mall in FESTAC Town, Lagos.

    The event is organised by the bank to reward Children aged four to eight years with its “I Can Save” accounts in five states across the country for being loyal customers. The programme created a lot fun for the children at the event as they were given the opportunity to shop for a period of one minute at the Mall.

    On December 12, Shoprite in Kwara Mall, Fate Road, Ilorin and Shoprite, Ikeja City Mall, Lagos will be agog with the excitement as the kids shop to the admiration of cheering families and friends. The next stop after this is the SPAR Guru Plaza, 740, Aminu Kano Crescent, Wuse II, Abuja on December 13. The final stop on the Shopping spree is SPAR Lekki, Park ‘n’ Shop Shopping Centre, Behind Nicon Town & Total Filling Station, Lekki Express Way, Lagos, a few days before Christmas on December 19.

    Some of the children who had the opportunity to participate were excited while their parents commended the bank for introducing the programme which they said would encourage more parents to open account for their children.

    Apart from the excitement on the part of the children, the parents who spoke with reporters at the event also expressed the view that the programme would promote financial literacy among children as some of them would end up using the account when they come of age.

    The bank in a statement signed by its Group Head, Strategy & Communications, Shina Atilola explained: “The Shopping Dash initiative is aimed at creating fun for the children and rewarding them for having accounts with the bank. The dash provides an opportunity for the participating children to shop within a minute and pick items of their choice at the malls selected for the programme”.

    The bank stated that the decision to sustain the initiative was based on the encouraging feedback from last year’s edition as well as demand from other states not involved in the last exercise.

    Just as last year, the bank has assured of its commitment to ensuring the safety of the children by providing child minders to be with the children while they shop as well as medical personnel to be on standby.

     

  • Sterling Bank flags off shopping dash season

    Sterling Bank flags off shopping dash season

    Sterling Bank at the weekend, flagged off the second edition of the Shopping Dash programme at Shoprite in Festival Mall at the Golden Tulip Hotel, Festac Town Lagos.

    The event is organised by the bank to reward children within the age bracketof four and eight years with its “I Can Save” accounts in five states across the country for being loyal customers. The programme created a lot fun for the children at the event as they were given the opportunity to shop for a period of one minute at the Mall.

    From Lagos, the train will move to both Oyo and Rivers states on Saturday, December 5 where children can shop at both Shoprite, Ibadan Mall Opposite High Court, Ring Road and SPAR PHC Mall, Azikiwe Road, Port Harcourt respectively.

    On December 12,Shoprite in Kwara Mall, Fate Road, Ilorin and Shoprite, Ikeja City Mall, Lagos will be agog with the excitement as the kids shop to the admiration of cheering families and friends. The next stop after this is the SPAR Guru Plaza, 740, Aminu Kano Crescent, Wuse II, Abuja on December 13. The final stop on the Shopping spree is SPAR Lekki, Park ‘n’ Shop Shopping Centre, Behind Nicon Town & Total Filling Station, Lekki Express Way, Lagos, on December 19.

    Some of the children who had the opportunity to participate were excited while their parents praised the bank for introducing the programme which they said would encourage more parents to open account for their children.

    Apart from the excitement on the part of the children, the parents who spoke with reporters at the event also expressed the view that the programme would promote financial literacy among children as some of them would end up using the account when they come of age.

    The bank in a statement signed by its Group Head, Strategy & Communications, Mr. Shina Atilola explained thus:  “The Shopping Dash initiative is aimed at creating fun for the children and rewarding them for having accounts with the bank. The dash provides an opportunity for the participating children to shop within a minute and pick items of their choice at the malls selected for the programme”.

     

  • Sterling Bank secures $40m facility

    Sterling Bank secures $40m facility

    Sterling Bank has secured a $40 million facility from the Turkey EXIM Bank.

    The facility was granted by Turkey EXIM Bank following the conclusion of a due diligence on the bank which confirmed it as a reputable financial institution with capacity to meet its obligations.

    In a statement issued over the weekend, the bank indicated that the facility would be used to support trade businesses and projects with Turkish origin.

    With this development, members of the Turkish business community in Nigeria as well as Nigerian businessmen and women doing business with Turkish partners will have easy access to finance for  their businesses especially in the importation of necessary raw materials and other infrastructure for production. This, it said, would also serve as a catalyst for economic development in the country.

    The bank in the statement explained that the choice of the bank by Turkey EXIM Bank may have been informed by its role in international finance, its reputation as a stable and reliable financial institution and its capacity to support both local and international institutions.

  • Sterling Bank Partners LLTC on 2015 Quadrangular Games

    Sterling Bank Partners LLTC on 2015 Quadrangular Games

    Sterling Bank Plc has assured of its continuous support to the growth of sports in Nigeria. The Bank’s Managing Director,  Yemi Adeola gave the assurance at a press conference organised by the bank  to announce the commencement of the various activities lined up for the 2015 Quadrangular Games organised by the Lagos Lawn Tennis Club

    Four of the top sports clubs in Lagos – Apapa Club, Ikoyi Club 1938, Lagos Country Club and Lagos Lawn Tennis Club will take part in the 21st edition of the annual Quadrangular Games.

    Adeola, who was represented by Lateef Aliu, the Deputy Head Channel Operations of the bank, said the organisation’s  involvement was one of the company’s ways of giving back to society. “We are happy to be associated with the games.

    He said: “If you look at the proud history of the clubs involved in these games, you will know that it is a worthwhile investment. “We have come to help them create awareness for the games and hopefully, we can have a long lasting partnership.”

    In his address, the President of LLTC,  Rotimi Edu described the Quadrangular Games as the only and major pivot of sporting relationship amongst the Lagos Lawn Tennis Club, Ikoyi Club, Lagos Country Club and Apapa Club “that every sport lover looks forward to attending”. He was also optimistic that the “sporting competition will soon become Nigeria’s frontline sporting event that will attract tourism and generate interest of local players in international competitions”.

    While praising the bank for the sponsorship of the conference, the LLTC President stated that the facilities at the club have been upgraded in readiness for the competition.

    Describing this year’s edition of the games as a special one, the chairman, Local Organising Committee, Prince BowoOlateru-Olagbegi, explained that the games coincided with the 120th anniversary of the host club,  LLTC.

    Olateru-Olagbegi said: “We have put in place a cultural night to bring out the richness of our culture in the country among other things. We are expecting 88 members to compete in the tennis event while 36 members are expected to slug it out in table tennis.

    “There will also be squash, darts, ayo, billiard and snooker, scrabble, chess, tug-of-war, fivea- side football, amongst others.” The games will start on November 15 and end on  21. The organisers called on corporate bodies to take advantage of the opportunity provided by the games.

  • Sterling Bank backs IDEA Awards

    Sterling Bank backs IDEA Awards

    Sterling Bank Plc has assured of its readiness to support initiatives that would encourage local production and consumption of locally manufactured goods and services to support the growth of the nation’s economy.

    The bank’s Executive Director, Abubakar Suleiman, gave the assurance at a briefing on the forthcoming annual Interior Designers Excellence Awards (IDEA) Conference supported by the Bank.

    According to him, it had become obvious that the country could no longer sustain its huge dependence on imported goods and services and that more attention needed to be focused on encouraging local production.

    He pointed out that by encouraging local production, the Bank was also promoting the growth of Small and Medium Enterprises (SMEs) thereby contributing to national economic growth. He disclosed that Sterling Bank decided to support IDEA because the promoters of the conference share “our commitment and passion to promote local production and consumption, especially as we come up with other initiatives to promote SMEs in the country”.

    Suleiman, who emphasised that Sterling Bank has, over the years, consistently patronised local works, explained that the country at the moment does not have the resources to continue to import all the things that we need. “So from supporting SMEs to backing national economic growth, we have many reasons for supporting IDEA 2015,”he said.

    The Founder and Director of IDEA,  Titi Ogufere, noted that one of the major challenges facing the country today is over-dependence on imported goods and services that could be produced locally. “Instead of conserving our scarce foreign exchange and spending it on developmental programmes to enhance the local economy, we spend so much on importation and in the process stifle the local industry,”she said.

    She described IDEA, an annual independent design award programme, as a foremost significant event in the year for practitioners in the architecture, interior design, real estate and construction fields.

    Mrs. Ogufere disclosed that the event, which will hold in Lagos on October 30, will attract over 2000 delegates from Nigeria, Italy, United States (US) and Hong Kong. The theme of the conference is “Design and the Economy: Position Your Brand for Success”.