Sterling Bank Plc has emphasised the need for the Federal Government to fully implement the 2016 budget.
The bank called for a lower interest rate regime to support economic activities, reformed governance structures, and an improvement on the efficiency of the labour market.
The Chairman of the bank, Asue Ighodalo, said these at the Annual General Meeting of the bank held in Lagos on Tuesday.
The bank’s profit after tax for year 2015 grew by 14.3 per cent year-on-year to N10.3bn, which it attributed to improved operating efficiency.
Shareholders’ funds also grew by 12.8 per cent to N96bn in 2015 from N85bn in 2014. The bank explained, “This is driven by accretion from the current year’s profit, a reflection of the bank’s resilience and increasing market reach.”
The Board of Director proposed a final dividend of 9kobo per share for the financial year ended December 31, 2015.
Speaking on the bank’s competitive advantage, the Managing Director/Chief Executive Officer, Sterling Bank, Mr. Yemi Adeola, said, “Our people who strive everyday towards building an enduring franchise, are at the heart of our business. We appreciate the work that they do.
“Our 2015 performance was a testament to the underlying resilience of our business model.”