Abubakar Suleiman, Non-Executive Director of Sterling Financial Holdings Company Plc, and 2 other Directors have purchased 5,156,398 units of shares in the company worth N15 million.
This was revealed via official statements on notice of Directors Dealings signed by Company Secretary Temitayo Adegoke and sent to the Nigerian Exchange.
The acquisition of 5,156,398 shares by the 3 Directors represents 0.02% of the company’s total outstanding shares.
Increase in the number of shares.
The Tier-2 Bank revealed that Abubakar Suleiman acquired 2,663,014 units of shares at N3.56 per share.
This acquisition increased his number of direct shares from 335,768,608 units as of 15th August 2023, to 345,248,938 units or 1.2%.
More Acquisitions
The company also revealed that Raheem Owodeyi, Executive Director, of Sterling Bank Ltd (a Subsidiary) purchased 1,246,692 units of shares.
- The 1,246,692 units were bought at N3.56 per share valued at N4.44 million.
- This acquisition increased his number of direct shares from 14,700,000 units as of 15th August 2023, to 15,946,692 units or 0.05%.
Tunde Adeola, Executive Director, Sterling Bank Ltd (a Subsidiary) also purchased 1,246,692 units of shares.
- The 1,246,692 units were bought at N3.56 per share valued at N4.44 million.
- This acquisition increased his number of direct shares from 14,700,000 units as of 15th August 2023, to 15,946,692 units or 0.05%.
The statements signed by Company Secretary, Temitayo Adegoke on 17th August 2023, indicated that all transactions by the 3 Directors were done on 16th 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.