Abubakar Suleiman, Non-Executive Director of Sterling Financial Holdings Company Plc, and 2 other Directors have purchased 52,500,000 units of shares in the company worth N197 million.
This was revealed via official statements on notice of Directors Dealings signed by Company Secretary Temitayo Adegoke and sent to the Nigerian Exchange Limited.
The acquisition of 52,500,000 shares by the 3 Directors represents 0.18% of the company’s total outstanding shares.
Increase in the number of shares
The Tier-2 Bank revealed that Abubakar Suleiman acquired 23,100,000 units of shares at N3.75 per share.
- This acquisition increased his number of direct shares from 312,668,608 units as of 4th August 2023, to 335,768,608 units or 1.17%.
More Acquisitions
The company also revealed that Raheem Owodeyi, Executive Director, of Sterling Bank Ltd (a Subsidiary) purchased 14,700,000 units of shares.
- The acquisition of 14,700,000 represents 0.05% of the company’s total outstanding shares.
- The shares were bought at N3.75 per share which brings the total value of shares bought to N55 million.
Tunde Adeola, Executive Director, Sterling Bank Ltd (a Subsidiary) also purchased 14,700,000 units of shares.
- The acquisition of 14,700,000 represents 0.05% of the company’s total outstanding shares.
- The shares were bought at N3.75 per share which brings the total value of shares bought to N55 million.
The statements signed by Company Secretary, Temitayo Adegoke on 14th August 2023, indicated that all transactions by the 3 Directors were done on 11th August 2023.
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, 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.
