Sterling Bank to install 700 ATMs, 5,000 PoS
Sterling Bank Plc has assured its customers nationwide last week that it will embark on installation of 5,000 Point of Sale (PoS) terminals by the end of 2014.
Its Managing Director/Chief Executive Officer, Mr. Yemi Adeola, who disclosed this at the bank’s 52nd Annual General Meeting (AGM) in Lagos said the bank will also set up 700 Automated Teller Machines (ATMs) by the end of this year. This, according to him, will be spread across the country to ensure the Central Bank of Nigeria (CBN) initiative is achieved.
According to the Sterling Bank boss, this is aimed at ensuring that the cashless policy of CBN is sustained.
Also at the meeting, shareholders of the bank unanimously endorsed its annual report and accounts for the year ended December 31, 2013 just as they commended the board and management for sustaining the bank’s profitability despite the challenging operating environment.
The shareholders extolled the board for consistently delivering value on their investments in the bank and the approval of 25kobo per share dividend as recommended by the board as against 20kobo per share for 2012.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, said, “the board and management should be commended for the way they handled operations of the bank since the assumption of the new chairman of the bank.”
According to him, the chairman has in the last three years changed the way the bank has been doing business, adding that shareholders have continued to get dividend at the end of every financial year.
Farok Umar also commended the board for being consistent in the payment of dividend in the past three years, adding that it also shows that the board is committed to delivering good dividend to investors.
Similarly, the shareholders at the meeting unanimously authorised the board to increase it’s authorised share capital from 12 billion to 16 billion by the creation of additional 8,000,000,000 ordinary shares of 50 kobo each. Such new shares to rank pari pasu in all respect with the existing shares in the capital of the company.
On financial performance, the bank’s profit before tax (PBT) rose by 24 per cent to stand at N9.3 billion in the year under review, while gross earnings grew to N91.6 billion, representing a 33 per cent growth when compared with 2012 figure of N68.8 billion.
The growth in the earning, he said, was as a result of increased volumes and activities and a diversified revenue base.
Operating income was not left out as it appreciated by 63 per cent from N39.2 billion in the comparable period of 2012 to N57.4 billion within the period under review.
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