Sterling Bank Plc has been rated 10th by Lafferty Group among 100 other banks around the world. The lender also rated first in Nigeria in terms of quality.
The Lafferty Group, which made this known in a statement, said its approach to rating is to use publicly available information to judge against key quantitative and qualitative criteria such as strategy, culture, customer care, brand promise and financial performance.
According to Michael Lafferty, Chairman, Lafferty Group, “banks that score well on Lafferty Bank Quality Ratings tend to trade at a premium price to their tangible book value.”
In an update to investors and analysts on the ratings, Yemi Adeola, Sterling Bank’s Managing Director/Chief Executive, stated: “Our bank has remained resilient in a turbulent operating environment , and Lafferty Bank Quality Ratings has provided an objective view on the fundamentals of our business by rating us 10th in the world, top three in Africa (after Capitec and Barclays Africa) and the top bank in Nigeria.
“Despite regulatory and macroeconomic headwinds, we have maintained strong capital and liquidity positions. I am pleased that an external and independent party has validated the bank’s reputation as a well run, sustainable institution which further lays credence to our valuation in the equities market relative to competition.”
“While we welcome the external validation of our business model, we remain committed to building a strong brand with a pervasive culture of innovation, good corporate governance and excellent service delivery”.