The shareholders of one of Africa’s fastest growing companies, Sterling Bank Plc, have commended the Board of Directors, Executive Management and staff of the bank on its remarkable financial performance for the 2022 year, resulting in a recommendation of dividend of 15 kobo per ordinary share; a 50 percent increase from that paid in 2021.

The shareholders gave this commendation at the 61st Annual General Meeting (AGM) of the bank held in Lagos on Wednesday.

Speaking at the meeting, Mr. Rilwan Hamza, one of the shareholders, commended the board members and staff of the bank for the wonderful financial performance while another shareholder, Mr. Boniface Okezie, expressed delight at the level of transparency displayed by the Board and commended them for the improved dividend payout.

The shareholders urged the Board to make the most of the transition into a financial holdings company and establish more subsidiaries that will drive even more growth and increase shareholder value.

The bank’s strong performance for the 2022 financial year was derived from growth in its assets base and customers’ deposits by 14.4 percent and 9.8 percent respectively. This is despite strong economic headwinds experienced by the Nigerian economy in the year under review.

Addressing shareholders of the bank at the first meeting as a limited liability company, following its on-going transformation into a holding company structure, Chairman of Sterling Bank; Mr. Asue Ighodalo remarked that, “despite the challenges during 2022, our performance reflected our resilience and determination to deliver optimal value for our shareholders. We are pleased that we closed the year on a good note.”

Ighodalo said the bank grew profit before tax to N 20.8 billion, representing a 29 percent year-on-year increase from N 16.1 billion recorded in 2021, and a 28.5 percent growth in Profit After Taxes (PAT) to achieve the sum of N19.3 billion for 2022.

He said the PAT growth was driven by an N18.6 billion improvement in net operating income amidst heightened inflationary pressure and regulatory policies, adding that the gross earnings grew by 16.6 percent to N175.1 billion compared to N150.2 billion reported in 2021.

On business outlook for the year, the Chairman noted that “we remain very optimistic about our bank’s future and are devoted to effectively transforming our business to deliver optimal performance, and significantly offer superior services to millions of Nigerians.”

One of Nigeria’s leading retail banks, Polaris Bank has announced the launch of its exclusive banking product aimed at serving its High Net-worth Individuals (HNIs) seeking innovative investment options in challenging economic times.

The unveiling which took place in Lagos was attended by esteemed guests, industry experts, and corporate customers from across the country.

The exclusive banking proposition, designed to guide HNIs towards high-yield investment opportunities, received an overwhelmingly positive response from customers present at the launch with most of them offering their testimonials, and endorsements, to the value offered by the products.

A customer and founding partner of a Lagos-based law firm at the event Mrs. Damilola Adegbenro, noted:

“Polaris Bank has provided me with personalised guidance and access to exclusive investment options, helping me navigate the complex financial landscape. I highly recommend the bank’s exclusive banking proposition.”

Another customer, Alhaji Dahiru Mustapha, a large-scale farmer, praised the bank’s commitment to customer satisfaction and its holistic approach to banking.

“What sets Polaris Bank apart is their attention to detail and the bank’s understanding of the diverse needs of HNIs. Not only has the bank guided me towards high-yield investment options, but its partnerships with leading brands in complementary services have also helped me to enjoy exclusive lifestyle privileges.

At the launch, experts from Partner brands across sectors discussed robust and available wealth management windows for HNIs and guests, providing attendees with valuable insights and expert advice.

Some of the partners include MIXTA Africa represented by Andrea Cameron-Cole who spoke about the immense real estate investment vehicles available in Nigeria and across Africa; Toyin Deinde, Chief Operating Officer (COO) of Tangerine Africa spoke about available world-class health insurance HNIs could subscribe and benefit from being Polaris Bank’s Exclusive Banking customers.

A representative of VTA Global Services introduced to the guests the Citizenship by Investment service wherein interested enrollees and their dependents access Caribbean Passports that grant them easy mobility and passage to over 104 countries globally.

Abiona Babarinde, General Manager at Coscharis Motors availed guests and HNIs present, the latest top-range automobiles that could be acquired with facilities made available under the Polaris Exclusive proposition.

“The discounts and privileges offered by Polaris Bank truly reflect the bank’s understanding of our needs said Mr. Osinachi Nwachukwu, a prominent player and CEO of an estate company. “Their partnerships have added immense value to my banking relationship. I am thrilled to have access to such exclusive privileges.”

Earlier in the day, Mr. Segun Opeke Executive Director who represented Polaris Bank’s Managing Director/CEO, welcomed guests and HNIs, explaining, “Polaris Bank has partnered with leading brands to provide discounts and privileges across a range of lifestyle services and experiences. From luxury travel to fine dining, our customers, especially HNIs, can now enjoy the perks of their hard-earned success with our carefully curated offerings.”

Group Head of Products & Market Development, Adebimpe Ihekuna, expressing appreciation to the customers stating, “The positive feedback received serves as a motivating force to further innovate and deliver exceptional solutions in a rapidly changing financial landscape.”

She further admonished customers to use the Bank’s VULTe digital platform as a one-stop shop to access the exclusive services offered by the Bank.

Polaris Bank Limited was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

Latest PMI data indicated that the Nigerian private sector continued to recover from the cash crisis in May as access to money improved and business conditions returned to normality. Output and new orders expanded for the second month running, with the latter increasing at the fastest pace in just over a year.

Confidence remained historically subdued, however, meaning that firms continued to operate a cautious approach with regard to hiring. Input costs rose sharply again, with output prices up accordingly. That said, the rate of selling price inflation eased to the weakest since April 2020. The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index (PMI).

Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted above the 50.0 no-change mark for the second month running in May, following the two-month sequence of decline seen around the worst of the cash crisis in the first quarter of the year. At 54.0, up from 53.8 in April, the index signaled a solid improvement in business conditions that was the most marked in 2023 so far. With access to cash improving, customer numbers increased, enabling firms to secure greater volumes of new orders in May.

New business was up sharply, with the rate of expansion the fastest since April 2022. Similarly, business activity rose for the second month running, and at a marked pace. Here, the expansion was slightly softer than in April, however.

The activity was up across each of the four broad sectors covered, with growth led by wholesale & retail. Although higher new orders encouraged firms to increase their staffing levels for the first time in four months during May, the rate of job creation was only marginal amid signs that spare capacity remained in the private sector.

The weak pace of employment growth also partly reflected a relatively softer sentiment regarding the year-ahead outlook for activity. Although business expansion plans and predictions of further improvements in new orders supported positive forecasts, confidence dipped and was the second lowest on record.

More positively, firms increased their purchasing activity at a rapid and accelerated pace, with higher input buying helping companies to expand their inventories. Purchase prices continued to rise sharply, albeit at a slightly softer pace than in the previous survey period.

Higher costs for agricultural inputs such as animal feeds, and rising prices for industrial raw materials, were often mentioned. Staff costs were also up as companies offered higher pay to employees to reflect greater workloads.

Although output prices rose markedly in response to higher costs, the pace of inflation eased to the softest in just over three years as some firms offered discounts to stimulate demand.

The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the Naira to N631 per dollar at the Importers and Exporters’ (I&E) window.

A top official of the apex bank, who told this medium that the report is completely false, warned that such reports could have serious adverse consequences for the economy.

According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

“The report is not true.  The CBN has not devalued the Naira. The exchange rate of the Naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, announced the names of fortunate recipients of its prestigious University Scholarship Award for 2022.

The N80,000,000.00 valued scholarship award for 2022 will provide financial support to 200 outstanding Nigerian undergraduates who excelled in the 2022 University Tertiary Matriculation Examination (UTME) and satisfied other prerequisite conditions.

The scholarship funds will be disbursed in annual installments over the course of four academic years and will provide recipients with the essential financial assistance required to meet their educational expenses. Subsequent disbursements will be contingent upon the beneficiaries fulfilling certain criteria. These criteria include maintaining their enrollment in the universities and degree programs to which they were admitted, as well as adhering to the academic and administrative policies set forth by their respective institutions.

By ensuring compliance with these requirements, the recipients can continue to receive the scholarship throughout their academic journey, facilitating their uninterrupted pursuit of higher education.

While he gave his opening remarks at the virtual award ceremony, the Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle, said:

“At Stanbic IBTC, we recognize the importance of education and its role in shaping the future of our great nation, Nigeria. Our principal objective for this scholarship is to provide unlimited opportunities for bright, young Nigerians who have demonstrated academic merit.”

He further mentioned that the number of annual scholarship recipients was increased from 100 to 200, as education should not be a luxury reserved for a select few but accessible to all.

The selection process for the scholarships was rigorous and fair, with beneficiaries chosen from each of the six geo-political zones in Nigeria. The candidates were carefully evaluated based on merit, taking into account their exceptional academic performance.

By investing in the academic journeys of these exceptional students, the leading end-to-end financial institution will not only make a difference in their lives but also contribute to the development and prosperity of the nation as a whole.

The 200 scholarship recipients will be able to pursue their dreams with financial confidence, knowing that Stanbic IBTC will stand firmly by their side.