Sterling Bank Plc announces retirement of Director

sterling director

Sterling Bank Plc has announced the retirement of Rasheed Kolarinwa as its Independent Director. The announcement was made in a notification to the Nigerian Stock Exchange (NSE).

Kolarinwa’s retirement came after 8 years of active service at the bank.

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Kolarinwa was appointed an Independent Director of Sterling Bank in October 2010.

He holds a Bachelor of Arts in Economics from the University of Toronto, Canada as well as an MBA in Finance and International Business from the Schulich School of Business, York University, also in Canada.

Kolarinwa is currently the Chairman of Capiflex Management Limited. His banking career started in 1981 with International Merchant Bank Nigeria Limited, after which he moved to Chartered Bank Plc in 1989.

He assumed various senior management roles and thereafter moved into Executive positions between 1999 and 2005 as an Executive Director. He served as the Deputy Managing Director of IBTC Chartered Bank Plc (now Stanbic IBTC Bank Plc) from December 2005 to December 2007.

Sterling Bank Plc had released its Q3 2018 interim financial results for the period ended 30th September 2018.

Revenue for the group increased from ₦95 billion in 2017 to ₦115 billion in the year under review. This represents a 21.09%  increase year on year.

Profit Before Tax increased from ₦6.5 billion in 2017 to ₦8.5 billion. This represents a 30.7% increase year on year. Profit After Tax also increased from ₦5. 9 billion in 2017 to ₦8.2 billion. This represents a 38.1% increase year on year.

The Earnings Per Share also increased from 21 kobo in 2017 to 28 kobo in 2018. This represents a 33.3% increase year on year.

Sterling Bank Plc is currently trading at ₦1.70 in today’s trading session on the floor of the Nigerian Stock Exchange.

About Sterling

Sterling Bank Plc is a full service national commercial bank licensed by the Central Bank of Nigeria (CBN). Its shares trade under the Banking sector of the Nigerian Stock Exchange with the symbol STERLNBANK. On Reuters and Bloomberg terminals, it is identified as STERLNB.LG and STERLNBA:NL respectively.

The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2016, the bank’s branch network numbered 187, distributed throughout Nigeria with total assets valued in excess of NGN:834 billion and shareholders’ equity estimated at about NGN:85.6 billion).

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