Sterling Bank post increase profits, propose 6kobo dividend

Sterling Bank Plc 2014 FY Results

Revenues

Sterling Bank Plc released its 2014 FY results showing Gross Earnings rose 13% to N103billion compared to N91.1billion a year earlier. Net interest income also rose 20% to N43billion for the period under review.

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Profitability

Pre-tax profits rose 15.4% to N10.7billion compared to N9.3billion reported in 2013. Profit after tax on the other hand rose 8.8% to N9billion (2013: N8.2billion).

Shareholder returns

Despite the increase in profits earnings per share dropped 19% to 42kobo compared to 52kobo a year earlier. The drop in earnings per share reflects the increase in shareholding for 2014 compared to 2013.

Corporate Action

Sterling Bank proposed dividend per share of 6kobo payable on the 30th of April 2015 Closure of register is fixed for 13th-17th April 2015. AGM will be held April 30th 2015 at the Eko Hotels and Suites.