The Nation Newspaper

Tag: Sterling Bank

  • Sterling Bank on new consumers complaint website

    Sterling Bank on new consumers complaint website

    As part of its commitment to excellent customer service, Sterling Bank Plc has registered as a “Responsive Company” on Reportam.com.ng, a free-to-use, independent portal where Nigerian consumers can post reports about good and bad customer service experiences.
    As a Responsive Company on Reportam.com.ng, Sterling Bank has the opportunity to get automatic alerts about complaints or compliments, view customer details, respond to reports and reach out to customers, among other benefits.
    Speaking with the Reportam Team, the Customer Experience Manager of Sterling Bank, Ms. Oluwabusola Awosile, said: “We are happy to register Sterling Bank Plc as a Responsive Company on reportam.com.ng.
    ” Delivering excellent service experience is at the forefront of what we do and we appreciate any platform that allows us to do this well.”

    Head of Communications for Reportam.com.ng, Mrs Ireto Oladapo commended Sterling Bank for its true commitment to resolving its customers’ issues by registering on our platform.”
    ” We hope other companies in Nigeria will emulate Sterling Bank and see the value this platform provides and register as Responsive Companies.” Oladapo said.
    Reportam.com.ng, which was created by a group of young Nigerian professionals, is an online customer service feedback and complaint portal, which recently launched in Nigeria.
    Through this platform, companies are able to view and resolve customer complaints, get commendations for good services and also reach out to their customers directly or via the Reportam website.

  • Sterling Bank introduces Shopping Dash for account holders

    Sterling Bank introduces Shopping Dash for account holders

    Children with I Can Save accounts with Sterling Bank Plc are in for fun as the bank kicks off the Shopping Dash programme in four states in the country.

    They are Lagos, Port Harcourt, Enugu and Abuja. The bank is running the programme in partnership with top Shopping Malls in the country.

    The programme affords lucky children the opportunity to do a one-minute shopping dash and pick items of their choice at shopping malls selected for the programme.

    The programme is meant to reward existing I Can Save accounts holders, an account for children and those willing to open the account during the programme at the stated locations. It is strictly for children between the ages of four and eight  years.

    The bank in a statement said that the build up to the programme is already creating a lot of excitement and enthusiasm as many children accompanied by their parents now visit the offices of the Bank to open the account nationwide.

    The Shopping Dash kicked off in Lagos at Shoprite, Adeniran Ogunsanya Shopping Centre, Surulere last Saturday and would be followed by a show at Shoprite, Polo Park Amusement Centre, Abakaliki Road, Enugu and Shoprite, Ikeja City Mall, Alausa both on December 13.

  • Why we are raising new funds, by Sterling Bank

    Why we are raising new funds, by Sterling Bank

    Managing director, Sterling Bank Plc, Mr. Yemi Adeola, has said the net proceeds of the bank’s ongoing capital raising exercise would be used to further improve operational efficiency and ensure better returns to shareholders.

    According to him, the new issues were part of the bank’s strategic plan to build a nimble growth and carefully expand its operations to become one of the topmost banks in terms of size.

    He explained that besides the imminent equity issue,   tier 2 capital would be raised in the first quarter of 2015.

    He added that the bank would continue to drive growth strategies domestically by focusing on building long-term relationships and creating sustainable value for customers.

    “We did right issue of N12 billion and now private placement of N20 billion. Thereafter, we will do tier 2 capital of another $200 million, but that is likely by first quarter of next year. Our current capital base is N60 billion, by the time we plough back the 2014 profit, we will be about N90 billion,” Adeola said.

    He noted that the bank remained on a stronger footing as its capital adequacy ratio of 17  per cent is far above 10 per cent of regulatory requirements and non performing loans is 2.7 per cent, which is  far below of regulatory threshold of five per cent.

    “Some people believe that you must be big but our view today is that you must be efficient, deliver returns to shareholders. It doesn’t matter how big you are.  But overall, it makes sense to have a strategic plan on size, and ours is in another five years, we will be among top six banks in the country in terms of profitability, and we will continue to be among the top five, as we are presently, in terms of return on equity and to our shareholders,” Adeola outlined.

    Shareholders commended the board and management of the bank for their commitment to creating value for shareholders and the stable growth of the bank over the years.

    Shareholders of Sterling Bank on Tuesday  authorised the board of the bank to raise some N51 billion in equity and tier 2 capital.

    At the extraordinary general meeting in Lagos, shareholders approved a resolution authorizing the board of directors of the bank to issue about 7.472 billion ordinary shares of 50 kobo each at N2.65 per share to Messrs. Silverlake Investments Limited or such other identified strategic investor.

     

  • Sterling Bank seeks N50b in new capital issues

    Sterling Bank seeks N50b in new capital issues

    Holds EGM tomorrow

    Sterling Bank Plc plans to raise about N50 billion in a new round of capital raising aimed at further deepening the bank’s balance sheet and increase its lending capacity.

    Sterling Bank would be raising about N20 billion through a special placement to identified strategic investors and more than N30 billion in another yet-to-be-specified instrument.

    Shareholders of the bank are expected to meet tomorrow in Lagos to approve new capital raising.

    Shareholders are expected to approve a resolution authorizing the board of directors of the bank to issue about 7.472 billion ordinary shares of 50 kobo each at N2.65 per share to Messrs. Silverlake Investments Limited or such other identified strategic investor.

    In another resolution, the board of the bank is seeking to raise additional capital up to $200 million or its equivalent in Naira. The fund could be raised through any or a combination equity, global depository receipts, quasi equity, convertible loans, medium term notes, bonds and any other debt instrument.

    Besides, the bank plans to explore public offering, rights issue, private placement either as a standalone transaction or by way of a programme, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, at such dates and time subject to such terms and conditions, including through a book building process or other processes as the directors may deem fit and subject to the approval of the regulatory authorities.

    The meeting is expected to empower the directors to take any action required to give effect to the resolutions on the capital raising.

    Managing director, Sterling Bank Plc, Mr. Yemi Adeola, said the bank plans to complete its new capital raising before the end of the year.

    “Following our extra-ordinary general meeting billed for November 11, we plan to conclude the ongoing private placement before the end of the year. This will put us in a strong competitive position to achieve our growth plans in coming quarters. In the meantime, we remain focused on efficiency and are optimistic that the full year returns will be in line with our earlier management guidance,” Adeola said.

    According to him, as part of the initiatives to support its retail banking proposition, the bank has re- aligned its business by market segments for a more focused market reach while it has continued to increase its transaction channels and it is on track to deliver additional 21 branches and 500 Automated Teller Machines (ATMs) by the end of the year.

    The new capital is expected to strengthen the bank’s performance, which has successively improved over the periods. Interim report and accounts of the bank for the third quarter ended September 30, 2014 showed that while gross earnings grew by 12.1 per cent, net interest income rose by 32.8 per cent. This further bloomed into 41.3 per cent and 39.2 per cent in pre and post tax profits respectively.

    Gross earnings closed September 2014 at N73.01 billion as against N65.12 billion recorded in comparable period of 2013. Net interest income rose from N24.22 billion in third quarter 2013 to N32.1 billion in third quarter 2014. Profit before tax jumped to N8.50 billion in 2014 as against N6.02 billion in 2013. After taxes, net profit rose from N5.07 billion to N7.06 billion.

    The bank’s pre-tax profit margin rose from 9.24 per cent in third quarter 2013 to 11.6 per cent in September 2014, underlying the improving profitability of the bank.

    Adeola said the performance of the bank was driven by increasing brand acceptability as shown in its growing revenues and reduction in impairment charges.

    He noted that the 41 per cent growth in profit before tax despite pressures on earnings arising from monetary policy changes was driven by improvements in revenues and a 30 per cent reduction in impairment charges.

    According to him, interest income increased by 15 per cent, while interest expense declined by three per cent resulting in a 32 per cent growth in net interest income. The bank recorded a 20 per cent growth in total assets to N847 billion and a 19 per cent growth in deposits to N679 billion with a 100 basis points reduction in cost of funds to 4.9 per cent.

     

  • Sterling Bank to reward winners of The Art Competition

    Sterling Bank to reward winners of The Art Competition

    Three winners of the Art Competition sponsored by Sterling Bank Plc, will tomorrow be rewarded with N1 million each by the lender.

    The competition was opened to children between the ages of five to 12 who were asked to come up with a drawing or a write-up on the bank of their dream.

    The competition commenced in May 2014 with over 1000 entries received by the bank from aspiring young artists.

    The bank’s Group Head, Strategy & Communications, Mr. Shina Atilola in a statement said that the Managing Director & Chief Executive of the Bank, Mr. Yemi Adeola will personally present the prize money to the top three winners while seven others who made it to the last 10 will also get consolation cash prizes.

    Mr. Shina Atilola said: “We introduced the project to encourage students improve on innovation and critical thinking. We opened the project to students between ages five to 12. Basically, the kids are allowed to design and create the bank of their imagination which could be expressed as a painting, drawing, writing or even through a presentation.

    The most creative ideas will be shortlisted for various prizes. The first, second and third prize winners will go home with scholarship awards of N500,000, N300,000 and N200,000 respectively. There will also be other cash awards, gadgets and other prizes to be won. This initiative is aimed at identifying talents and harnessing same for global competitiveness”.

    Mr. Atilola who assured that the Bank will continue to invest in child education especially in the area of financial literacy explained that unless the private sector comes in to support education in the country, the challenges facing the sector may continue to hamper the growth of the sector in the country.

  • Sterling Bank inaugurates new branches nationwide

    Sterling Bank inaugurates new branches nationwide

    In line with its focus on the retail end of the market and its quest to deliver its quality banking services to the door steps of its customers, Sterling Bank has opened 10 new branches nationwide.

    The bank has also embarked on the remodeling of about 40 of its branches nationwide to reflect its retail positioning.

    The new branches are located in Festac Town, Owode Onirin, a retail market that deals with motor spare parts along Ikorodu Road, Itire, and Awoyaya all in Lagos. Others are the NNPC Depot in Mosimi in Ogun State, Eziukwu in Abia,  Birin-Kebbi  in Kebbi, Rumuola and Onne in Port Harcourt and Bank Road in Ekiti.

    The new branches are additions to the bank’s expanding branch network in the country just as more locations will be added in the coming months to enable it achieve its 200 mark before the end of the 2014 financial year. The bank’s total branch network currently stands at 175.

    According to the Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, the bank’s on-going branch expansion is part of its strategy to expand its operations and branch network across the country to enable the bank deploy its services to all parts of the country and leverage on this to successfully increase its share of the retail end of the market.

    The new branch locations, according to Mr. Atilola,  will serve both retail and wholesale banking and  customers with a comprehensive range of products.These will  include traditional banking and services with an emphasis on technology-driven products that will be delivered through an on-line real-time technology platform.

    The bank’s Chief Strategist said that the bank planned to develop a robust service delivery network comprising the traditional “brick and mortar” branches and alternative delivery channels like the ATMs.

     

    He expressed his confidence that the Bank would achieve the 200 branch network target it has set for 2014.

    He said: “Our intention is to have in place by the end of this year about 200 functional branches spread across the country to enable us to adequately reach our customers. The business locations also have adequate ATMs to ensure that customers are well served without delay by providing an “all day” service availability”.

    He explained that just like other business locations, the opening of additional branches by the Bank would be based strictly on perceived customer-centric demands and financial aspirations that would meet the banking needs of our numerous clients and prospects across the country. These branches are also equipped with state-of-the-art technological resources to create an online real-time banking environment.

    He adds: “With the sharp increase in the volume of the Bank’s customer base its retail drive and enhanced corporate and commercial banking services, the opening of vital channels by way of branches has become necessary and will remain a continuous process as the bank targets market leadership through symbiotic partnerships with her numerous customers”.

     

  • Sterling Bank grows Q3 pre-tax profit by 41% to N8.5b

    Sterling Bank Plc recorded impressive growths in the top-line and bottom-line in the third quarter as the bank’s continued to optimize the potential of its core banking operations and overall profitability of its business.

    Interim report and accounts of the bank for the third quarter ended September 30, 2014 showed that while gross earnings grew by 12.1 per cent, net interest income rose by 32.8 per cent. This further bloomed into 41.3 per cent and 39.2 per cent in pre and post tax profits respectively.

    Gross earnings closed September 2014 at N73.01 billion as against N65.12 billion recorded in comparable period of 2013. Net interest income rose from N24.22 billion in third quarter 2013 to N32.1 billion in third quarter 2014. Profit before tax jumped to N8.50 billion in 2014 as against N6.02 billion in 2013. After taxes, net profit rose from N5.07 billion to N7.06 billion.

    The bank’s pre-tax profit margin rose from 9.24 per cent in third quarter 2013 to 11.6 per cent in September 2014, underlying the improving profitability of the bank.

    In his remarks, managing director, Yemi Adeola, said the performance of the bank was driven by increasing brand acceptability as shown in its growing revenues and reduction in impairment charges.

    According to him, as part of the initiatives to support its retail banking proposition, the bank has re- aligned its business by market segments for a more focused market reach while it has continued to increase its transaction channels and it is on track to deliver additional 21 branches and 500 Automated Teller Machines (ATMs) by the end of the year.

    “Following our Extra-ordinary General Meeting billed for November 11, we plan to conclude the ongoing private placement before the end of the year. This will put us in a strong competitive position to achieve our growth plans in coming quarters. In the meantime, we remain focused on efficiency and are optimistic that the full year returns will be in line with our earlier Management guidance,” Adeola said.

    He noted that the 41 per cent growth in profit before tax despite pressures on earnings arising from monetary policy changes was driven by improvements in revenues and a 30 per cent reduction in impairment charges.

    According to him, interest income increased by 15 per cent, while interest expense declined by three per cent resulting in a 32 per cent growth in net interest income. The bank recorded a 20 per cent growth in total assets to N847 billion and a 19 per cent growth in deposits to N679 billion with a 100 basis points reduction in cost of funds to 4.9 per cent.

  • Sterling Bank launches One Bank, PETSS products

    Sterling Bank launches One Bank, PETSS products

    Sterling Bank Plc has launched two branded phones, called – One Bank and Personal Education Technology for Secondary Schools (PETSS), which serve all financial needs of customers, spread value and strategically intervene in the nation’s education sector.

    Speaking during the launch, the Executive Director, Strategy and Finance, of the Bank, Mr Abubakar Suleiman, said that the primary objective of the One Bank is to deploy a brand acquisition and embellishment tool to encourage new account openings.

    The One Bank, is also primed to improve mobile money application use and adoption as well as deepen brand and customer relationships, Suleiman said.

    He explained that the thinking behind the Sterling One Bank was the need to bring telecommunication, entertainment and finances together to enable customers to communicate, entertain, transfer and receive money; buy airtime, carry out interbank transfers as well as all financial needs.

    According to him, the One Bank has provided a single phone that can replace the token given to customers as a level of authentication; saying that the once a customer logs in with his password, he can do his business seamlessly.

    He said that irrespective of the customers’ network, the telecom, media content and finance work together, so it does not matter, customers can always access his bank.

    The One Bank is targeted at traders, students of colleges of education, artisans and under 11 children as a means of being in touch with their parents at a cost effective rate. The branded phone is affordable while customer who wants a high-end phone can visit the bank to pre -install and firm up the arrangement.

    “Suleiman said: “We have worked with an equipment manufacturer to do this and we are not selling it at a profit. The cost is lower than the market price and the customers are given the latitude to spread the payment of N3000 over a long period of time, by paying about N200 in a month.”

  • Sterling backs social media awards

    Sterling backs social media awards

    Sterling Bank has attributed its decision to support the 2014 Social Media Award, Africa to the need to recognise and celebrate excellence, creativity and the impact of social media on human socio-economic development through its tools and platforms by individuals and organisations across the continent.

    The bank’s Group Head, Strategy & Communications Shina Atilola in a statement, said that the award also provides platform for the lender to further consolidate its position as a leading light in the social media space.

    He added that the bank cannot overlook the importance of social media in today’s society and the increasing role it plays in the lives of people on a daily basis, hence the need to identify with the Award.

    Sterling Bank recently won the Most Innovative Bank Award organised by the Nigerian Telecoms Awards courtesy of it’s Social Lender, a product that allows members of the social media community to obtain quick cash from the bank.

    Explaining the modalities for the award, Mr. Femi Aderibigbe, the Project Lead of the Award said that there are nomination opportunities into four categories of 15 awards, “interested individuals and organisations can nominate from October 1 till 27, 2014 for a chance to win any of the coveted awards. All entries will be judged on influence, originality, creativity, scalability and impact. The judging process will see winners emerge through an open and credible system involving the general public, a virtual council and jury”, he said.

    He listed the Award prizes to include dollar denominated cash prizes, professional and institutional trainings on social media and access to mentorship opportunities amongst other benefits for excellence and impact in social media practice.

     

  • Sterling Bank rewards customers

    Sterling Bank rewards customers

    Sterling Bank added a new dimension to the Customer Service Week celebrations as it gave out various gift items to its walk-in customers in all parts of the country. Besides, the bank said the week has also provided it the opportunity to raise companywide awareness of the importance of customer service and reward customer loyalty.

    The Customer Service Week is a week-long opportunity to raise awareness of customer service and the vital roles it plays in successful business practice and the growth of the economy.  This year edition was celebrated worldwide between October 5 and 10.

    Sterling Bank’s Group Head, Strategy & Communications in a statement, Shina Atilola said:  “Our success story so far is attributed to the overwhelming support we have received from our customers. This is why we consider them the most important to us and hence the reason for us as a responsible financial institution to celebrate them during the Customers Service Week”.

    He said the bank has remained consistent in the provision of quality customer service excellence across its service points and “we are using the celebration to leverage on our  planned enhanced customer service initiatives during the week”.

    Some of these initiatives, according to him will include the opening of additional branches to take the Bank’s quality banking products and services to the door steps of our customers, development of additional customer oriented products and services and deployment of additional ATM points to ensure that customers have access to the Bank’s ATMs at no additional cost.

    Mr. Atilola assured that the Bank will continue to celebrate its customers and provide unparalleled banking services to ensure that their expectations are met at all times.

    His words: “At Sterling Bank, we view Customer Service Week as prime time to recognize our awesome customers through a week-long celebration with activities every day to give our loyal customer the Sterling Bank customer experience.