Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Nigeria
  4. Nigerian Stock Exchange
  5. Sterling Bank Plc
  6. News
  7. Summary
    STERLNBANK   NGSTERLNBNK7

STERLING BANK PLC

(STERLNBANK)
  Report
End-of-day quote. End-of-day quote Nigerian Stock Exchange - 01/25
1.6 NGN   -0.62%
01/10Sterling Bank Set to Improve On 2021 Performance
AQ
2021STERLING BANK : Notices of board meeting (bm) - notice
PU
2021STERLING BANK : Earnings forecast
PU
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensus 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

STERLING BANK PLC.- QUARTER 3 - FINANCIAL STATEMENT FOR 2021

10/29/2021 | 01:32pm EST

Sterling Bank Plc and Subsidiary

Condensed Interim Financial Statements for the Period Ended 30 September 2021

Directors' Report

For the period ended 30 September 2021

The Directors present their third quarter report on the affairs of Sterling Bank Plc ("the Bank"), together with the unaudited Group Financial Statements for the period ended 30 September, 2021

Principal activity and business review

Sterling Bank Plc is engaged in commercial banking services with emphasis on retail, commercial and corporate banking, trade services, investment banking activities and non-interest banking. It also provides wholesale banking services including the granting of loans and advances; letter of credit transactions, money market operations, electronic banking products and other banking activities.

Legal form

Sterling Bank Plc, (formerly known as NAL Bank Plc) was the pioneer merchant bank in Nigeria, established on 25 November, 1960 as a private liability company and was converted to a public limited company in April, 1992.

Following the consolidation reforms introduced and driven by the Central Bank of Nigeria in 2004, the Bank emerged from the consolidation of NAL Bank Plc, Indo-Nigerian Bank Limited, Magnum Trust Bank Plc, NBM Bank Limited and Trust Bank of Africa Limited. NAL Bank Plc as the surviving bank adopted a new name for the enlarged entity, 'Sterling Bank Plc'.

The enlarged Bank commenced post merger business operations on January 3, 2006 and the Bank's shares are currently quoted on the Nigerian Stock Exchange (NSE).

In October, 2011, the Bank had a business combination with Equitorial Trust Bank Limited to re-position itself to better compete in the market space.

In compliance with the CBN guidelines on the review of the Universal Banking model, the Bank divested from its four subsidiaries and one associate company on 30 December, 2011.

Sterling Bank Plc registered Sterling Investment Management Plc (the SPV) with the Corporate Affairs Commission as a public liability company limited by shares with authorised capital of N2,000,000 at N1.00 per share. The main objective of setting up the SPV is to raise or borrow money by the issue of bonds or other debt instruments. The SPV is a subsidiary and is consolidated in the financial statements of the Bank. The Bank and its subsidiary is collectively referred to as "the Group".

The Bank has 158 branches including cash centres as at 30 September 2021.

Operating results

Highlights of the Group and Bank's operating results for the period are as follows:

Group

Bank

In millions of Naira

September 2021

September 2020

September 2021

September 2020

Gross earnings

109,163

101,848

107,374

100,027

Profit before taxation

9,861

8,024

9,780

7,935

Taxation

(396)

(655)

(396)

(655)

Profit after taxation

9,465

7,369

9,384

7,280

Transfer to statutory reserve

1,408

1,105

1,408

1,092

Transfer to general reserve

8,057

6,264

7,976

6,188

9,465

7,369

9,384

7,280

Earnings per share (kobo) - Basic

33k

26k

33k

25k

Earnings per share (kobo) - diluted

33k

26k

33k

25k

September 2021

December 2020

September 2021

December 2020

NPL Ratio

1.95%

1.90%

1.95%

1.90%

2

Sterling Bank Plc and Subsidiary

Condensed Interim Financial Statements for the Period Ended 30 September 2021

Directors who served during the period

The following Directors served during the period under review:

Name

Designation

Date appointed

Interest represented

/resigned

1

Mr. Asue Ighodalo

Chairman

2

Dr. (Mrs.) Omolara Akanji

Independent Director

3

Mr. Michael Ajukwu

Independent Director

4

Mr. Olaitan Kajero

Non-Executive Director

STB Building Society Limited

Eltees Properties

Rebounds Integrated Services Limited

5

Mrs. Tairat Tijani

Non-Executive Director

Ess-ay Investment Limited

6

Mr. Michael Jituboh

Non-Executive Director

Dr. Mike Adenuga

7

Mr. Ankala Prasad (Indian)

Non-Executive Director

State Bank of India

Alfanoma Nigeria Limited

8

Mrs. Folasade Kilaso

Non-Executive Director

Plural Limited

Reduvita Limited

Quakers Integrated Services Limited

Concept Features Limited

9

Mr. Paritosh Tripathi (Indian)

Non-Executive Director

State Bank of India

10

Mr. Abubakar Suleiman

Managing Director/CEO

11

Mr. Yemi Odubiyi

Executive Director

12

Mr. Emefienim Emmanuel

Executive Director

13

Mr. Tunde Adeola

Executive Director

14

Mr. Raheem Owodeyi

Executive Director

Going Concern

The Directors assess the Group and the Bank's future performance and financial position on an on-going basis and have no reason to believe that the Group will not be a going concern in the year ahead. For this reason, these financial statements are prepared on a going concern basis.

Directors interests in shares

Interest of Directors in the issued share capital of the Bank as recorded in the Register of members and/or as notified by them for the purpose of section 301 of the Companies and Allied Matters Act 2020 were as follows:

Number of shares

September 2021

September 2021

December 2020

December 2020

Names

Direct

Indirect

Direct

Indirect

1

Mr. Asue Ighodalo

-

62,645,242

-

62,645,242

2

Mr Michael Jituboh

-

1,620,376,969

-

1,620,376,969

3

Dr. (Mrs) Omolara Akanji

-

-

-

-

4

Mr. Michael Ajukwu

-

-

-

-

5

Mr. Olaitan Kajero

-

1,547,951,251

-

1,547,951,251

6

Mrs. Tairat Tijani

-

1,444,057,327

-

1,144,046,801

7

Mrs. Folasade Kilaso

-

1,440,337,670

-

1,440,337,670

8

Mr. Abubakar Suleiman

47,325,727

-

47,325,727

-

9

Mr. Yemi Odubiyi

26,471,708

-

26,471,708

-

10

Mr. Emefienim Emmanuel

20,527,369

-

20,527,369

-

11

Mr. Tunde Adeola

27,244,025

-

26,653,041

-

12

Mr. Raheem Owodeyi

15,733,951

-

15,005,219

-

13

Mr. Ankala Prasad

-

2,549,505,026

-

-

14

Mr. Paritosh Tripathi

-

-

-

-

3

Sterling Bank Plc and Subsidiary

Condensed Interim Financial Statements for the Period Ended 30 September 2021

Analysis of shareholding

The range analysis of the distribution of the shares of the Bank as at 30 September 2021 is as follows:

Range of shares

Number

%

Number

%

of holders

of units

1

-

1,000

32,314

36.63%

14,493,195

0.05%

1001

-

5,000

26,014

29.49%

58,729,261

0.20%

5,001

-

10,000

8,872

10.06%

60,041,160

0.21%

10,001

-

20,000

7,033

7.97%

95,227,690

0.33%

20,001

-

50,000

5,120

5.80%

160,500,628

0.56%

50,001

-

100,000

3,210

3.64%

222,738,696

0.77%

100,001

-

200,000

2,360

2.68%

338,326,385

1.18%

200,001

-

500,000

1,812

2.05%

576,395,472

2.00%

500,001

-

10,000,000

1,356

1.54%

2,067,374,937

7.18%

Above 10,000,001

113

0.13%

14,561,194,295

50.58%

Foreign shareholding

4

0.00%

10,635,396,407

36.94%

88,208

100%

28,790,418,126

100.00%

The following shareholders have shareholdings of 5% and above as at 30 September 2021:

September 2021

September 2021

December 2020

December 2020

Holding (units)

% holding

Holding (units)

% holding

Silverlake Investment Limited

7,197,604,531

25.00

7,197,604,531

25.00

State Bank of India

2,549,505,026

8.86

2,549,505,026

8.86

Dr. Mike Adenuga

1,620,376,969

5.63

1,620,376,969

5.63

Ess-ay Investments Limited

1,444,057,327

5.02

1,444,046,801

5.02

Acquisition of own shares

The Bank did not acquire any of its shares during the period ended 30 September, 2021 (31 December, 2020: Nil).

Property, plant and equipment

Information relating to changes in property, plant and equipment is given in Note 25 to the consolidated and separate financial statements.

Employment and employees

  • Employment of disabled persons
    The Bank has a non-discriminatory policy on recruitment. Applications would always be welcomed from suitably qualified disabled persons and are reviewed strictly on qualification. The Bank's policy is that the highest qualified and most experienced persons are recruited for appropriate job levels irrespective of an applicant's state of origin, ethnicity, religion or physical condition.
  1. Health, safety and welfare of employees
    Health and safety regulations are in force within the Bank's premises and employees are aware of existing regulations. The Bank provides subsidies to all levels of employees for medical expenses, transportation, housing, lunch etc.
  2. Employee training and development
    The Bank is committed to keeping employees fully informed as much as possible regarding the Bank's performance and progress and seeking their opinion where practicable on matters, which particularly affect them as employees.
    Training is carried out at various levels through both in-house and external courses. Incentive schemes designed to encourage the involvement of employees in the Bank's performance are implemented whenever appropriate.
  3. Events after reporting date
    There were no events after the reporting date which could have had a material effect on the state of affairs of the Bank as at 30 September 2021 or the profit for the period ended on that date which have not been adequately provided for or disclosed.
    BY ORDER OF THE BOARD:
    Temitayo Adegoke Company Secretary FRC/2018/NBA/00000018142 20 Marina, Lagos, Nigeria. October 28, 2021

4

Sterling Bank Plc and Subsidiary

Condensed Interim Financial Statements for the Period Ended 30 September 2021

Corporate Governance

The Bank complies with the relevant provisions of the Nigerian Securities & Exchange Commission (SEC), the Financial Reporting Council of Nigeria (FRCN) and the Central Bank of Nigeria (CBN) Codes of Corporate Governance.

Board Composition and Committee

Board of Directors

The Board of Directors (the 'Board') is made up of the Non-Executive Chairman, Non-Executive Directors and Executive Directors who oversee the corporate governance of the Bank. The members are as follows:

1

Mr. Asue Ighodalo

Chairman

Chairman

2

Dr. (Mrs.) Omolara Akanji

Member

Independent Director

3

Mr. Michael Ajukwu

Member

Independent Director

4

Mr. Olaitan Kajero

Member

Non-Executive Director

5

Mrs. Tairat Tijani

Member

Non-Executive Director

6

Mr. Michael Jituboh

Member

Non-Executive Director

7

Mr. Ankala Prasad (Indian)

Member

Non-Executive Director

8

Mr. Paritosh Tripathi (Indian)

Member

Non-Executive Director

9

Mrs. Folasade Kilaso

Member

Non-Executive Director

10

Mr. Abubakar Suleiman

Member

Managing Director/CEO

11

Mr. Yemi Odubiyi

Member

Executive Director

12

Mr. Emefienim Emmanuel

Member

Executive Director

13

Mr. Tunde Adeola

Member

Executive Director

14

Mr. Raheem Owodeyi

Member

Executive Director

Board Committees

The Board carries out its oversight functions through its various committees each of which has a clearly defined terms of reference and a charter which has been approved by the Central Bank of Nigeria. The Board has five (5) standing committees, namely: Board Credit Committee, Board Finance & General Purpose Committee, Board Audit Committee, Board Risk Management Committee and Board Governance & Remuneration Committee. In line with best practice, the Chairman of the Board is not a member of any of the Committees. The composition and responsibilities of the committees are set out below:

Board Credit Committee

The Committee acts on behalf of the Board on credit matters and reports to the Board for approval/ratification.

Terms of reference

  • Consider credit proposals for approval on the recommendation of the Management Credit Committee (MCC).
  • Recommend to the Board assignment of credit approval authority limits on the recommendation of the MCC.
  • Review the Credit Policy Guidelines of the Bank as and when required by the dictates of the market and/or the
  • Approve credit facility requests above the limits set for Management, within limits defined by the Bank's credit policy and within the statutory requirements set by the regulatory/supervisory authorities.
  • Review periodic credit portfolio reports and assess portfolio performance.
    Ensure compliance with the Bank's Credit Policies and statutory requirements prescribed by the regulatory/supervisory
  • authorities.
  • Recommend credit facility requests above the Committee's limit to the Board.
    Review and recommend to the Board for approval/ratification Management proposals on full and final settlements on
  • non performing loans.
  • Review and approve the restructure of credit facilities in line with the Credit Policy Guidelines.
  • Review and approve credit proposals in line with the Bank's Risk Policy Guidelines.
  • Review and recommend to the Board for approval proposals on write-offs.
  • Periodic review of the recovery process to ensure compliance with the Bank's recovery policies, applicable laws and
  • To perform any other duties assigned by the Board from time to time. The members are as follows:

1

Dr. (Mrs) Omolara Akanji

Chairman

2

Mr. Olaitan Kajero

Member

3

Mr. Michael Ajukwu

Member

4

Mr. Abubakar Suleiman

Member

5

Mr. Yemi Odubiyi

Member

6

Mr. Emefienim Emmanuel

Member

7

Mr. Tunde Adeola

Member

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Sterling Bank plc published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 17:31:00 UTC.


ę Publicnow 2021
All news about STERLING BANK PLC
01/10Sterling Bank Set to Improve On 2021 Performance
AQ
2021STERLING BANK : Notices of board meeting (bm) - notice
PU
2021STERLING BANK : Earnings forecast
PU
2021STERLING BANK : Obtains approval-in-principle for the proposed alternative bank limited; a..
PU
2021Sterling Bank Plc Reports Earnings Results for the Third Quarter and Nine Months Ended ..
CI
2021Sterling bank plc.- quarter 3 - financial statement for 2021
PU
2021STERLING BANK : Ake Festival 2021 Holds Virtually
AQ
2021STERLING BANK : Master Card Foundation, Sterling Bank Seeks Increased Youth Involvement in..
AQ
2021STERLING BANK : How Sterling Bank Is Supporting Trade, Transportation
AQ
2021STERLING BANK : Notice of board meeting (bm)
PU
More news
Financials
Sales 2020 81 686 M 197 M 197 M
Net income 2020 11 242 M 27,1 M 27,1 M
Net Debt 2020 31 694 M 76,4 M 76,4 M
P/E ratio 2020 5,23x
Yield 2020 2,45%
Capitalization 47 504 M 114 M 115 M
EV / Sales 2019 0,87x
EV / Sales 2020 1,11x
Nbr of Employees 2 367
Free-Float 35,8%
Chart STERLING BANK PLC
Duration : Period :
Sterling Bank Plc Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 1,60 NGN
Average target price 1,90 NGN
Spread / Average Target 18,8%
Managers and Directors
Abubakar Suleiman Chief Executive Officer, Executive Director & MD
Asue A. Ighodalo Chairman
Olayinka Abiodun Oni Chief Information Officer
Femi Jaiyeola Chief Compliance Officer
Omolara Akanji Independent Non-Executive Director