Sterling Bank, on Tuesday, announced a Profit After Tax (PAT) of N4.6 billion for its financial year ended Dec. 31, 2011. Its Managing Director, Yemi Adeola, disclosed this at the 50th Annual General Meeting of the bank in Lagos.
He said that the figure was against the N4.2 billion recorded in 2010.
Adeola said that the gross earnings of the bank rose by 49 per cent to N45.2 billion in 2011 from N30.4 billion in the 2010.
According to him, the operating income rose by 32 per cent from N20.4 billion in 2010 to N27 billion in 2011.
Adeola said that the total assets of the bank grew by 89 per cent to N583.1 billion in 2011 from N308.5 billion in 2010.
The bank’s deposits rose to N406.5 billion from N199.3 billion in 2010.
The managing director assured stakeholders that the bank would improve on corporate banking so that its operation could grow from strength to strength.
He said that the determination and passion of the management as well as the contributions of the shareholders impacted positively to the performance of the bank.
Meanwhile, some shareholders of the bank have appealed to the management to improve its dividend payment in the 2012 financial year.
Mr Sunny Nwosu, the National Coordinator of Independent Shareholders Association of Nigerian (ISAN), said that the bank should give more dividends to shareholders.
He said that the bank should make efforts to improve on its corporate banking so that the more corporate customers could be lured to the bank.
Nwosu also advised that directors of the bank, who had reached retirement age, should not completely step aside, but should be consulted regularly for advice.
He said that the bank should employ youths “who are competent and vibrant” to move the bank forward.
Nwosu also suggested that the bank could bring in new directors that will add value to its performance and profitability.
He commended the bank for its ability to pay dividend of 10 kobo per share to its shareholders, in spite of the challenges it faced.
Another shareholder, Mr Victor Udeh, said that the bank should set up an enforcement team as part of measures to recover some of its bad loans.
He said that this would impact on the profitability of the bank and also suggested that the bank should open more branches in areas that were viable.
Udeh expressed optimism that shareholders would receive higher returns at the end of this financial year