Sterling Bank Declares 50 Per Cent Increase In Dividend Payment

The shareholders of Sterling Bank have commended the board of directors, executive management and staff of the bank on its remarkable financial performance for the 2022 year, resulting in a recommendation of dividends of 15 kobo per ordinary share; a fifty percent increase from that paid in 2021. 

The commendation was given at the 61st annual general meeting of the bank held in Lagos on Wednesday.

Rilwan Hamza, one of the shareholders who spoke at the meeting, commended the bank for the wonderful financial performance while another shareholder, Boniface Okezie, expressed delight at the level of transparency displayed by the board and commended them for the improved dividend payout.

The shareholders urged the board to make the most of the transition into a financial holdings company and establish more subsidiaries that will drive even more growth and increase shareholder value.

Chairman of the bank, Asue Ighodalo who addressed the shareholders at the meeting remarked, “Despite the challenges during 2022, our performance reflected our resilience and determination to deliver optimal value for our shareholders. We are pleased that we closed the year on a good note."

Ighodalo said the bank grew profit before tax to N 20.8 billion, representing a 29 percent year-on-year increase from N 16.1 billion recorded in 2021, and a 28.5 percent growth in profit after taxes (PAT) to achieve the sum of N19.3 billion for 2022.