The chief executive officer of Sterling Bank, Abubakar Suleiman, has bought N168 million for 50 million shares of Sterling Financial Holdings Company Plc.
The Punch reported that this information was provided in a corporate notice on directors’ transactions that was submitted on Friday to the Nigerian Exchange Limited.
Suleiman, a non-executive director of the HoldCo, purchased the shares on Thursday at a price of N3.36 per unit from the NGX floor.
According to Sterling FHC’s half-year report, Suleiman directly owned 262,668,608 shares, or 0.91 percent, of the business.
The managing director of the bank increased his ownership to 312,668,608 share units with his most recent purchase.
Pre-tax profits for the Company’s 2023 second quarter increased by 44.40% year over year to N7.044 billion. As a result, half-year pre-tax profits increased to N11.46 billion versus N8.62 billion during the same period the previous year.
Significant increases in net interest income, net fees, and commission revenue, and net trading gains were the primary drivers of the expansion in pre-tax profit.
Although the bank’s pre-tax profit increased, 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.
