Yemi Odubiyi, Group CEO of Sterling Financial Holdings Company Plc, and 3 other Directors have purchased an additional 155,837,336 units of shares in the company worth N514 million.
Since being recently appointed the Group CEO, Yemi Odubiyi and some board members have been purchasing a large volume of shares in the company which Nairametrics has been tracking.
This new acquisition of 155,837,336 shares by the 4 Directors represents 0.54% of the company’s total outstanding shares.
Increase in the number of shares
- The Tier-2 Bank revealed via a company disclosure to NGX that Yemi Odubiyi acquired 37,170,335 units of shares at N3.30 per share.
- This acquisition increased his number of direct shares from 314,247,158 units as of 20th August 2023, to 351,417,493 units.
More Acquisitions
The company also revealed that Raheem Owodeyi, Executive Director, of Sterling Bank Ltd (a Subsidiary) purchased 33,896,166 units of shares.
- The 33,896,166 units were bought at N3.30 per share valued at N111.86 million.
- This acquisition increased his number of direct shares from 15,946,692 units as of 18th August 2023, to 49,842,858 units.
Abubakar Suleiman, Non-Executive Director, Sterling Financial Holdings Company Plc also purchased 50,874,649 units of shares.
- The 50,874,649 units were bought at N3.30 per share valued at N167.88 million.
- This acquisition increased his number of direct shares from 353,131,166 units as of 30th August 2023, to 404,005,815 units.
Tunde Adeola, Executive Director, Sterling Bank Ltd (a Subsidiary) also purchased 33,896,166 units of shares.
- The 33,896,166 units were bought at N3.30 per share valued at N111.86 million.
- This acquisition increased his number of direct shares from 15,946,692 units as of 18th August 2023, to 49,842,858.
The statements signed by Company Secretary, Temitayo Adegoke on 1st September 2023, indicated that all transactions by the 4 board members were done on 31st August 2023.
What You Should Know
The Company reported its 2023 Q2 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.
so is it a good time to invest in sterling bank????