The Nation Newspaper

Tag: Sterling Bank

  • Sterling Bank, FSD sign pact on human capital development

    Sterling Bank Plc has signed a partnership agreement with Field of Skills and Dreams (FSD), a vocational training institution to provide training programmes for members of the National Youth Service Corps (NYSC).

    The pact, the bank said, is part of its Corporate Social Responsibility (CSR) drive towards supporting skill acquisition among youths to prepare them for self-employment.

    Under the agreement, the bank will sponsor the training of NYSC corps members in various vocations during the course of their service year in alignment with its expressed purpose of enriching lives. The lender has so far funded the training of about 100 NYSC members in various vocations during the pilot stage through the NYSC-SAED (Skills Acquisition and Entrepreneurship Development.

    It has also equipped a 20-seat ICT laboratory of the FSD which will provide all participants with rotational access to free ICT training.

    Sterling Bank in a statement explained that the need to support the development of skills among the youth has become inevitable given the growing rate of unemployment in the country. “We believe that the steps we have taken so far would help in ameliorating the problem of unemployment in the country and support other initiatives such as  the Youth Empowerment Scheme (YES) and the Youth Enterprise with Innovation in Nigeria (YOU-WIN) introduced by the government to checkmate the relatively high rate of unemployment in the country”.

     

  • Sterling Bank to publish names of bad debtors

    Sterling Bank to publish names of bad debtors

    Sterling Bank has concluded plans to publish the names of individuals and institutions with non-performing loans on national newspapers, including social media if they fail to pay repay loans obtained from the bank.

    This is in line with a directive from the Central Bank of Nigeria (CBN) mandating banks to publish said names in at least three national daily newspapers.

    With non-performing loans in the industry totaling N390 billion in May 2015, the apex bank gave July 31 deadline for delinquent debtors to change the status of their accounts from non-performing to performing, failing which their names, including directors in the case of companies, will be made public.

    Sterling Bank admitted that some of its delinquent debtors had approached it after receiving formal notice for amicable settlement to avoid embarrassment. Part of the statement from the bank read thus: “Some delinquent debtors are making frantic efforts to repay their loans and avoid their names being published, while others are hopeful that the CBN will extend the deadline and are asking for more time to pay.

    “Our position on this remains that those who negotiate agreeable terms of repayment before the expiration of the deadline will not have their names published; while the names of other delinquent debtors will be published in compliance with the CBN’s directive”.

    The bank praised the CBN for alerting operators and the general public to the increasing volume of NPLs and for coming up with a solution to curb this potentially dangerous trend.

  • Sterling Bank’s workers clean environment

    Sterling Bank’s workers clean environment

    Sterling Bank Plc’s workers at the weekend carried out a nationwide environmental cleaning as part of the bank’s “Sterling Environmental Makeover” (#STEM) series.

    The exercise,  part of the bank’s Corporate Social Responsibility (CSR) initiatives, focuses on environmental sustainability and aims at promoting a clean environment and good health among the citizens.

    In Lagos, the exercise saw the workers in collaboration with officials of the Lagos State Waste Management Authority (LAWMA) cleaning a section of the famous Ladipo spare parts market on Oshodi Apapa Expressway to the delight of the traders, who also joined in the exercise.

    Other locations, where the exercise went on simultaneously include Ochanja Area at Anambra; Agodi Gate, Ibadan; Durumi Abuja; Bata market Kano; Elelenwo Akpaja road Port Harcourt and Behind Ogbogonogo Market Delta.

    In these locations, according to a statement, the workers undertook the exercise, which many of them said was a great avenue for them to make a difference.

    The bank said it planned to extend the initiative to other parts of the country in subsequent editions. Other states included in the scheme are Kaduna, Delta, Ogun and Enugu.

    Its Executive Director, Finance & Strategy, Mr. Abubakar Suleiman, in an interview with reporters at the event, said the bank started the exercise in 2013 in furtherance of its core purpose of enriching lives.

    He added that the bank would continue to engage in initiatives that promote a healthy environment, especially those that promote healthy living through its renowned partnership with relevant government agencies.

    His words: “What we are doing is all about impacting our environment positively. We want to keep on doing the small things, while we plan for the big, audacious ones. Each time you reach out to a child, mentor a troubled teen or join street sweepers to clean the street, you are part of an unstoppable force to make our country a better place and that is what we want to achieve with this exercise.”

    As part of its campaign designed to ensure a clean environment, the bank has on a yearly basis in the last five years donated 25,000 units of reflective kits to LAWMA for street sweepers and highway managers.  The Managing Director of LAWMA, Mr. Tunde Oresanya at the presentation of kits to the highway managers and sweepers lauded the bank for being a major partner in the authority’s success story.

  • Sterling Bank supports educational sector

    Sterling Bank supports educational sector

    As part of its “enriching lives” initiatives and in fulfillment of its promise to make the 2015 Children’s Day most memorable, Sterling Bank last week donated two sets of books ‘Funds and My Little Money Book’ to the Lagos State Government for distribution to pupils and students of public schools in the state just as it announced its sponsorship of the Nigerian Bar Association’s conference on Business Law (NBA-SBL).

    The theme of the conference holding this month in Lagos is ‘Regulators as Catalysts for Economic Growth’.

    The first edition of the books were published in 2014 and distributed to public and private schools in Nigeria during the Financial Literacy Week. This year, the bank published a revised version which was also distributed during the Financial Literacy Week and used by its team of volunteer staff to teach in selected schools in Lagos and Port Harcourt. It would be recalled that Sterling Bank was given an Award last year by the Lagos State Government for its support in the sector

    Receiving the books, a senior staff in the Ministry of Education commended the Bank for its continuous support towards the successful hosting of the Children’s Day event organized by the state government and implored other financial institutions in the state to emulate the exemplary role of the bank.

    Apart from the books donated, the Bank celebrated the Children’s Day with lucky pupils/students in their various schools in fulfillment of one of the features of its “I Can Save” product and promoted a social media campaign encouraging parents to post “selfies” taken with their children; following which followers/ fans were encouraged to vote and the top three posts were awarded prizes. A “selfie” is a photograph taken of oneself with a smartphone or webcam and shared via social media.

    The bank’s Group Head, Strategy & Communications, Mr. Shina Atilola said in a statement that the lender’s sponsorship of the NBA-SBL conference was in line with its strategic focus on value adding events especially those focused on education and learning.

    His words: “At Sterling Bank, we are passionate about avenues that would add value for learning in all areas and that are why we are investing heavily in the area of education.

     

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  • Sterling Bank boosts online micro credit

    Sterling Bank boosts online micro credit

    Sterling Bank Plc has repackaged its Social Lender Scheme by increasing the minimum online micro credit from N3,000 to N10,000.

    The scheme was launched in July, last year and the bank disbursed over N6 million to over 2000 on-line customers. To date, over 90 per cent of the loans have been paid back by the beneficiaries.

    Social Lender, the first in Nigeria, is a modified peer to peer lending solution using the Social Media Platforms through which micro-credit is offered to members of these communities. The scheme provides a platform for online fans and followers who are customers of Sterling Bank to obtain these money via social media channels such as Facebook and Twitter.

    The bank, in a statement, explained that the scheme was repackaged with added benefits because of its success story for the bank, the quality of feedback from members of the on-line community and the impressive pay back attitude of the beneficiaries.

    He explained that the bank took the decision to increase the available amount because “our target market has kept to the terms and agreements reached during the launch stage, they have been faithful with repayment and this has inspired confidence”.

    The scheme, according to the bank, has integrated with existing financial structures of the Bank such that users of the online platform now access small loans by normal methods of withdrawing cash without collateral. These funds, according to him, are easy to access and are delivered via a convenient platform.

    The bank explains how it works: “Our friends on Facebook or Twitter can apply for Micro-credit by visiting our facebook page, Twitter handle or corporate website.  Users who request for the loans on the Social Lender platform are rated by the algorithm that calculates their social reputation using various criteria. Based on this, the loan is either granted or rejected.’’

     

  • Sterling Bank to elect directors at AGM

    Sterling Bank to elect directors at AGM

    Sterling Bank Plc will hold its 53rd Annual General Meeting (AGM) on Thursday April 30, 2015 in Lagos where the shareholders are expected to elect and re-elect directors of the bank.

    he bank in a statement signed by the Company Secretary, Mrs. Justina Lewa said the Directors of the bank at the AGM will receive the audited financial statements for the year ended 31st December, 2014, together with the reports of the directors, auditors and the audit committee; declare a dividend; elect/re-elect directors; approve the remuneration of the directors; authorize the directors to fix the remuneration of the auditors and elect members of the audit committee.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2014 released last week at the Nigerian Stock Exchange (NSE) showed appreciable growth in all key performance indices, sustaining the strong performance outlook of the lender in spite of industry-wide headwinds.

    For instance, Sterling Bank Plc announced gross earnings of N103.7 billion and a profit before tax of N10.7 billion, an increase of 13 percent and 15.4 percent over its 2013 figures respectively.

    Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by an 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds dropped from 6.1 per cent in 2013 to 5.3 percent in 2014. Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by an 82.2 per cent growth in net trading income to N6.8 billion.

    The bank continued to strengthen its mid and bottom-line performances as its increasing focus on cost reduction credit risks management and operating efficiency cushioned macro headwinds and retained value for shareholders. Net operating income rode on the back of growth in net interest income and a 10.5 per cent reduction in impairment charges to N61.4 billion in 2014, an increase of 24.4 per cent on N49.3 billion recorded in 2013. While the Bank recorded a profit before of N10.7 billion it’s  profit after tax increased by 8.8 per cent to N9 billion.

    The bank’s balance sheet also emerged stronger. Net loans and advances increased by 15.4 per cent to N371.2 billion in 2014 compared with N321.7 billion in 2013. Customer deposits rose by 15 per cent to N655.9 billion as against N570.5 billion while shareholders’ funds increased by 33.5 per cent from N63.5 billion to N84.7 billion. Total assets closed 2014 at N824.5 billion, representing an increase of 16.5 per cent on N707.8 billion recorded in 2013.

  • Sterling Bank restates commitment to agric sector funding

    Sterling Bank Plc has restated its commitment to the strategic growth of the agric ector by increasing the proportion of loans allocated to it from the total loans earmarked for disbursement to various sectors of the economy from five percent 10 per cent in 2015.

    The bank will also be willing to partner with major stakeholders – both private and government in the sector to ensure that farmers begin to see agriculture more as a business.

    Speaking at a conference organised by the International Institute of Tropical Agriculture (IITA) in collaboration with the International Association of Research Scholars & Fellows (IARSAF), its Group Head, Agric Finance, Mrs. Bukola Awosanya said the five per cent allocated to the sector last year was fully disbursed to the various sub sectors across the value chain for the financing of various projects nationwide.

    Mrs. Awosanya who said  the bank is a major financier of one of the largest rice mills in the country as well as a state of the art soya bean oil milling plant, added that the bank had also provided fund to financing poultry businesses.

    Mrs. Awosanya who also led a delegation from the lender to the Deputy Director General, Partnership and Capacity Development of IITA, Dr. Kenton Dashiell said that the decision of the bank was informed by the need to provide adequate funding in alignment with the on-going reforms in the sector aimed at repositioning it as an attractive business proposition, an input provider for the manufacturing sector and a key foreign exchange earner for the country.

    The president of IARSAF, Mrs. Bunmi Ibitoye who commended the Bank for its contribution to the growth of the sector in Nigeria called on other corporate bodies to emulate Sterling Bank by providing funds to support research works being carried out by professionals in the field to solve major issues confronting the sector.

    Mrs. Ibitoye also urged banks to encourage the sector by granting loans to small farmers at affordable interest rates which “today stands as a major problem confronting operators especially start -ups”. She also called on the government to provide the basic infrastructure that would guarantee easy movement of inputs to the farm area, better storage of harvest and efficient transport of harvests to the market to ensure that farmers optimize their investments.

     

     

     

     

  • Sterling Bank eyes $200m, grosses N104b in 2014

    Sterling Bank Plc sustained its resilient performance last year as top-line and bottom-line earnings showed considerable growths with gross earnings rising by some 13 per cent to N103.7 billion. In the same breadth, profit before tax rose by 15.4 per cent to N10.7 billion.

    Key extracts of the audited report and accounts of the Bank for the year ended December 31, 2014 released yesterday at the Nigerian Stock Exchange (NSE) showed appreciable growths in all key performance indices, sustaining the strong performance outlook of the lender in spite of industry-wide headwinds.

    Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds had dropped from 6.1 per cent in 2013 to 5.3 percent in 2014. Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by 82.2 per cent growth in net trading income to N6.8 billion.

    The bank continued to strengthen its mid and bottom-line performances as its increasing focus on cost reduction, credit risks management and operating efficiency cushioned macro headwinds and retained values for shareholders. Net operating income rode on the back of growth in net interest income and a 10.5 per cent reduction in impairment charges to N61.4 billion in 2014, an increase of 24.4 per cent on N49.3 billion recorded in 2013.

    Meanwhile, operating expenses increased by 26.5 per cent to N50.6 billion in 2014 as against N40 billion in 2013. This was due mainly to on-going investments in branch refits and expansion and rollout of alternative channels as well as regulation-induced cost.

    Consequently, profit before tax inched up by 15.4 per cent to N10.7 billion while profit after tax increased by 8.8 per cent to N9 billion. The net profit was impacted by 68.4 per cent increase in income tax expense.

    The bank’s balance sheet also emerged stronger. Net loans and advances increased by 15.4 per cent to N371.2 billion in 2014 compared with N321.7 billion in 2013. Customer deposits rose by 15 per cent to N655.9 billion as against N570.5 billion while shareholders’ funds increased by 33.5 per cent from N63.5 billion to N84.7 billion. Total assets closed 2014 at N824.5 billion, representing an increase of 16.5 per cent on N707.8 billion recorded in 2013.

    Managing Director, Sterling Bank Plc, Mr. Yemi Adeola, said the bank’s performance shows the strengths of its resilient growth model and its ability to continue to deliver value for all stakeholders.

    According to him, last year was a difficult year in many respects for the Nigerian banking industry as the multiple challenges arising from a weaker macroeconomic environment and the various regulatory responses to them put significant pressure on the margins of banks.

    “Despite these pressures, we achieved double-digit earnings growth in line with our medium-term strategic objectives. This performance underscores the commitment of the entire team to our corporate goals and the resilience of our business model,” Adeola said.

    He noted that during the year, the Bank initiated the upgrade of its technology infrastructure and the re-engineering, centralisation and automation of processes to improve the customer experience while in recognition of the critical role that human capital plays in successfully driving strategy and its execution, it also continued to invest substantially in employee training, talent retention, and the creation of an environment that fosters continuous learning and development.

    He assured that going forward, the bank would continue to deliver better values to all stakeholders given the steadiness of its strategic growth plan and its current strong balance sheet position.

    Besides, the Sterling Bank boss said the lender would further strengthen its capital base by raising new funds to support its business expansion and enhance its ability to undertake large-ticket transactions.

     

  • Sterling Bank rewards customers

    Sterling Bank rewards customers

    The six winners of the Sterling Bank Gunners Promo who emerged at the fourth Gunners Promo held at the weekend will have the opportunity of an all-expense paid trip to watch the home match involving Arsenal Football Club and Chelsea on April 26.

    Disclosing this to newsmen after the fourth draw of the promo held over the weekend, the bank’s Group Head, Strategy & Communications, Mr. Shina Atilola said this was in line with the promise made by the Bank at the commencement of the Promo last September.

    This, he said, brings to 24, the number of lucky winners that have emerged in the four draws held. The next draw holding in April will produce another set of six winners bringing the total number of winners to 30, even as he disclosed that the Bank came up with the promo to reward customers for their loyalty.

    The promo, which kicked off in September 2014, runs till May 2015, with winners emerging on monthly draws to be held during the duration of the promo. The promo is designed to reward customers for their patronage and loyalty to the brand over the years in keeping with the Brand’s promise of putting customers first

    The six lucky winners are Kehinde Abdullahi Ademola, Sakariyau Adeleke Mustapha, Ignatius Peace Nnah and Adeleke Zainab Idowu. Others are Chinyere Okechukwu and Eludinni Taiwo Kemi. An elated Kehinde who spoke with the “Femi & The Gang” crew that covered the event live for Nigerian Info commended the Bank for keeping to its promise.

  • Gunners promo winners praise Sterling Bank

    The winners of the Sterling Bank Gunners promo, Messrs Oseni Tajudeen Adekunle and Segun Oghe John who travelled to London last weekend to watch the match between Arsenal and Aston Villa at the Emirates Stadium, courtesy of Sterling Bank Plc have commended the Bank for its role in the development of sports in Nigeria. The two winners also described their experience in the UK as a unique experience.

    The two winners who spoke to our correspondents from the Emirates Stadium before the match on Sunday stated that this initiative from the Bank is capable of attracting foreign clubs and other sports related businesses to take more interest in the development of sports in Nigeria through strategic partnership with Sterling Bank.

    The two lucky winners are among the five winners picked at the promo draw held at the Sterling Towers, the Bank’s corporate head office in Lagos to watch the Arsenal versus Aston Villa match. The three who could not make the trip due to personal reasons are Oduntan Femi Abimbola, Tamunokubie Tamunobarao and Obi Blessing Uwachukwu. They will be compensated by the Bank in the like sum. In all, 30 winners will emerge from five draws making it 6 winners per draw.

    An excited Oseni, who spoke with journalists at the Emirates Stadium said: “The experience is wonderful. Setting my eyes on the players as they arrived the stadium and seeing the best manager in the world, Arsene Wenger is wonderful”.

    Mr. Oseni who noted that he did not open the account just for the purpose of been selected for the draws also commended the Bank for a flawless arrangement of the trip.

    “The entire process was flawless. Right from the head office of the Bank from where we took off to the airport, the arrangement was superb. The Bank had also put in place adequate arrangement for accommodation, feeding and transportation which made live very

    comfortable for us. When the players started coming out, l was so exited, it was a rich experience for me”. Similarly, Mr. John who opened the Arsenal Account at the Bank’s Minna  advised other financial institutions in the country to emulate what Sterling Bank was doing in the area of sports development.

    His words: “Sterling Bank has laid a very good example on what the roles of institutions should be in the area of sports. Besides, it has demonstrated that it is an institution that can be trusted. My experience here so far in the UK has been wonderful. I am enjoying every bit of my stay and l will come back on my own since Sterling Bank has opened the way””. He added: ” I opened the account to identify with a bank supporting the darling team of millions of Nigerians and this has made it possible for me to connect directly with the Arsenal players by watching the match Live. It is the dream of all football lovers to have this great opportunity that Sterling Bank has provided”.

    In a statement, the Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola stated that the Bank initiated the promo to reward customers for their loyalty, and encourage other football lovers to share the one-customer experience. The winners, according to him will have the privilege of an all- expenses paid trip to watch home matches involving Arsenal Football Club and other top clubs in the English Premier League at the Emirates.T