The Group CEO of Sterling Financial Holdings Company Plc, Yemi Odubiyi, has acquired an additional 100 million shares in the company worth N354 million.
This information can be found in a notice of director’s dealings sent to the Nigerian Exchange Limited and signed by company secretary Temitayo Adegoke.
100 million shares were purchased, or 0.35 percent of the company’s total outstanding shares.
Yemi Odubiyi’s direct shares have increased from 195,190,895 units as of June 2023 to 295,190,895 units, or 1.02%, as a result of the transaction.
According to the notice dated August 9, 2023, and signed by the company secretary Temitayo Adegoke, the transaction took place between August 7 and August 9.
The 100 million shares of Sterling were purchased for N3.54 each.
Pre-tax profits for the Company’s 2023 second quarter increased by 44.40% year over year to N7.044 billion. Pre-tax profits for the first half of the year increased to N11.46 billion from N8.62 billion during the previous year.
Net interest income, net fees, commission revenue, and net trading gains all saw significant increases, contributing significantly to the increase in pre-tax profit.
Although the bank’s pre-tax profit grew, the impairment charge on loans significantly increased by 136%. This expansion contributed directly to the period’s 12.30% increase in credit loss expense on financial assets.
