Yemi Odubiyi, Group CEO of Sterling Financial Holdings Company Plc has acquired an additional 100 million shares in the company worth N354 million.
This information is contained in a notice of Directors Dealings signed by Company Secretary Temitayo Adegoke and sent to the Nigerian Exchange Limited.
The acquisition of 100 million shares represents 0.35% of the company’s total outstanding shares.
Increase in the number of shares
With the acquisition, Yemi Odubiyi has increased his number of direct shares from 195,190,895 units as of June 2023, to 295,190,895 units or 1.02%.
The notice signed by Company Secretary, Temitayo Adegoke on 9th August 2023, indicated that the transaction was done between 7th-9th August 2023.
The 100 million units of Sterling shares were bought at N3.54 per share.
What You Should Know
The Company reported its 2023 second-quarter results showing pre-tax profits grew by 44.40% year on year, reaching N7.044 billion. This took half-year pre-tax profits to N11.46 billion versus N8.62 billion in the same period last year.
The growth in pre-tax profit was driven by substantial growth in net interest income, net fees and commission income, and net trading gains.
Although the bank experienced a growth in pre-tax profit, it recorded a substantial increase of 136% in the impairment charge on loans. This increase directly contributed to the 12.30% growth in credit loss expense on financial assets during the period.