• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Sterling Bank Plc to transition to Holding Company

Fikayo Owoeye by Fikayo Owoeye
May 18, 2018
in Business News, Company News
Abubakar Suleiman, Sterling Bank Managing Director

Abubakar Suleiman, Sterling Bank Managing Director

Share on FacebookShare on TwitterShare on Linkedin

Sterling Bank has announced plans to change its current operating structure to a holding company structure.

Asue Ighodalo, Chairman, Sterling Bank Plc, disclosed this at the bank’s annual general meeting held yesterday May 5th in Lagos.

The new holding structure will group the commercial bank and its other subsidiaries under a Holding Company (HoldCo).

RelatedStories

GETMEDCO and Sterling Bank forge groundbreaking partnership to elevate healthcare access  

GETMEDCO and Sterling Bank forge groundbreaking partnership to elevate healthcare access  

July 3, 2025
Cascador and Sterling Bank launch breakthrough funding for Nigerian entrepreneurs 

Cascador and Sterling Bank launch breakthrough funding for Nigerian entrepreneurs 

May 5, 2025

In 2010, the Central Bank of Nigeria under the banking regulatory regime repealed the universal banking regime and directed banks to divest from all non-banking business or form a holding company to hold such non-core banking businesses including activities such as insurance, asset management, and capital market operations.

Interestingly, many banks opted to sell or divest from non-core commercial banking businesses while, some banks such as First City Monument Bank (FCMB) Plc, First Bank of Nigeria (FBN) Plc and Stanbic IBTC Bank Plc decided to operate under the Holding Company (HoldCo) structure.

What shareholders stand to gain

Ighodalo said the bank decided to retain its net earnings for the previous business year because of additional capital required to finance the bank’s growth ambition and its proposed holding company structure.

He further revealed that retaining a substantial amount of profit generated to strengthen available capital will be in the long-term best interest of shareholders

The bank in its Q1 2018 financial reports for the year ended 31st March 2018 recorded 39% surge in gross earnings of 39 billion as against 28 billion in the Q1 2017. Profit before tax also grew from 2 billion in Q1 2017 to 3.2 billion in Q1 2018.

The bank in its 2017 financial reports said it would enhance revenue from its digital and electronic banking. Mobile and USSD banking grew 174% year on year while internet banking adoption also grew 96% year on year

Though the bank has reduced its loans to the oil and gas sector slightly, it holds a large amount of these loans exposures in foreign currency hence, making the bank vulnerable in the event of a sharp depreciation in the naira.

The Non-Performing Loan NPL Ratio of the bank as at 31st March 2018 is 5.97% compared to 6.20% in December 2017. Its share price is ₦1.55 as at today on the floor of the Nigerian Stock Exchange.

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

The Bank currently has seven segments; Corporate Banking, Retail Banking, Commercial Banking, Institutional Banking, Treasury, Non-interest Banking (NIB) and Sterling SPV which are the Bank’s strategic business units and has 163 branches and cash centers as at 31st March 2018.


Follow us for Breaking News and Market Intelligence.
Tags: Asue IghodaloOn the MoneySterling Bank Plc
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

Related Posts

GETMEDCO and Sterling Bank forge groundbreaking partnership to elevate healthcare access  
Companies

GETMEDCO and Sterling Bank forge groundbreaking partnership to elevate healthcare access  

July 3, 2025
Cascador and Sterling Bank launch breakthrough funding for Nigerian entrepreneurs 
Companies

Cascador and Sterling Bank launch breakthrough funding for Nigerian entrepreneurs 

May 5, 2025
Sterling Bank
Company News

Sterling Bank and Afrexim bank sign $75 million non-oil export deal 

November 14, 2023
Sterling Bank Plc reports Gross Earnings of N175.14 billion in 2022
Company Results

Sterling Bank Plc reports Gross Earnings of N175.14 billion in 2022

May 3, 2023
Valentine's day business ideas
Financial Literacy

Businesses that will profit from today’s Valentine’s Day celebrations

February 14, 2023
Sterling Bank clarifies alleged hoarding of cash
Financial Services

Sterling Bank clarifies alleged cash hoarding at its Abuja regional office

February 13, 2023
Next Post
FG’s reveals plans go expand N-Power programme

FG's reveals plans go expand N-Power programme

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 
  • DLM Capital’s sovereign-Backed Composite Notes promise high Returns with low risk – Sonnie Ayere  
  • FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 

Follow us on social media:

Recent News

LASG gives 4-day relocation deadline to squatters in Lagos coastal road, Lekki 

Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

July 9, 2025
DLM Capital’s sovereign-Backed Composite Notes promise high Returns with low risk – Sonnie Ayere  

DLM Capital’s sovereign-Backed Composite Notes promise high Returns with low risk – Sonnie Ayere  

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics