Shareholders of Sterling Bank Plc have commended its board and management for the remarkable display of resilience, improved financial performance and returns on investment in 2020 despite the adverse impact of the Covid-19 pandemic on the global and local economic environment.
They also approved resolutions for the declaration of a dividend of five kobo per share, the election of directors, remuneration of auditors, and the election of shareholders’ representatives on the statutory audit committee.
The shareholders gave the commendation and approved recommendations at the 59th Annual General Meeting (AGM) of the bank held by proxy in Lagos yesterday and streamed live across digital platforms. The Corporate Affairs Commission (CAC) had approved attendance at the AGM to be by proxy only due to restriction on large gatherings to prevent further spread of the COVID-19 pandemic.
Commenting on the bank’s performance, Mr Matthew Akinlade, President of Nigeria Solidarity Shareholders Association (NSSA), commended the bank for consistently improving on its earnings per share in the last five years.
In her comments, Mrs Bisi Bakare, National Coordinator of Pragmatic Shareholders Association, congratulated the bank for another successful year. She applauded the Board and Management for the significant growth in total assets and deposit base, improved retained earnings, increased profit before tax and reduced operating costs and non-performing loans.
Mr Boniface Okezie, National Chairman of Progressive Shareholders Association, also commended the bank for its achievement in a pandemic year. He appreciated the bank’s management for the consistent dividend payout while urging it to continue to pursue its repositioning strategies aggressively to ensure it competes favourably in the industry.
On his part, Dr Faruk Umar, President, Association for Advancement of the Rights of Nigerian Shareholders (ARNS), described the bank’s performance as excellent and commended it for its accounts’ quality.