virtus, Sterling Bank announces an appointment

Tier two lender Sterling Bank Plc, may have subtly resumed in bank wars, this year. In a tweet from its official handle, it subtly took a dig at tier one lender, Access Bank Plc, following the conclusion of its marathon held in Lagos yesterday.

Access Bank and Diamond Bank are yet to respond.

Origin of the bank wars

The bank in July last year, took a dig at several banks in the country. The banks in question then replied, leading to a subtle back and forth which became known as the ‘bank wars’. Sterling eventually pulled down the tweet in question and apologized, after it was accused of demarketing.

Since then, the bank has resorted to subtle digs. During the Lagos Fashion week sponsored by Guaranty Trust Bank, Sterling positioned a billboard opposite the venue, stating ornge is so last season, intentionally omitting the A.

Sterling Bank closed at N2.45 on Friday’s trading session on the Nigerian Stock Exchange (NSE). Results for the third quarter ended September 30, 2018 show revenue for the group increased from ₦95 billion in 2017 to ₦115 billion in 2018. Profit Before Tax increased from ₦6.5 billion in 2017 to ₦8.5 billion in 2018. Profit After Tax also increased from ₦5. 9 billion in 2017 to ₦8.2 billion in 2018.

 

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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