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Home Business News

Sterling Bank debtors may lose their pledged assets soon

Damilare Famuyiwa by Damilare Famuyiwa
October 9, 2018
in Business News, Company News
virtus, Sterling Bank announces an appointment
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Sterling Bank Plc revealed plans to embark on new strategies that will ensure quick recovery of debts. The strategies to be explored include restructuring for accelerated payoffs and possible foreclosure or disposal of pledged assets of defaulting debtors.

The move to explore new strategies is expected to ensure a progressive drop in the bank’s non-performing loan (NPL) ratio.

Sterling Bank’s Credit Collection and Recovery Group Head, Abiodun Aderoju noted that Sterling Bank witnessed a 383 per cent increase in recoveries between 2016 and 2017. This, according to Aderoju, resulted in a significant improvement in asset quality as reflected in the reduction in non-performing loan ratio by 370 basis points to 6.2 per cent in 2017, from 9.9 per cent in 2016.

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“We are building aggressively on this momentum to ensure that defaulting customers meet their debt obligations to the bank,” Aderoju said.

Aderoju maintained that the bank will continue to maintain a disciplined and prudent approach to loan growth in line with its risk management framework.

“The impact of our recovery efforts would be felt by the end of the financial year because it will result in a further drop in our Non-Performing Loan portfolio.

“We are keen on achieving this despite the antics of debtors who take their obligations lightly.”

Aderoju said although the bank’s gross loans and advances in 2017 increased by 29.5 per cent to N617.6 billion and net loans and advances by 27.7 per cent to N598.1 billion, the bulk of the increase was primarily driven by cash-backed facilities with limited credit risks.

Sterling Bank Plc had released its unaudited financial statements for the period ended June 30, 2018.

The company’s gross earnings stood at N77.6 million as against N57 million in 2017. Profit before tax was N6 million as against N4 million in 2017. Profit after tax was N6 million as against N3.8 million in 2017

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Tags: debtsSterling Bank Plc

Comments 1

  1. Anonymous says:
    October 10, 2018 at 9:16 am

    Am not sure about the figures in millions though….

    Reply

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