Sterling Financial Holdings Company Plc’s Group CEO Yemi Odubiyi and three other Directors have added 155,837,336 extra shares to their portfolio, totaling N514 million.
Yemi Odubiyi and a few board members have been buying a significant amount of shares in the company since he was recently named the Group CEO.
The 4 Directors have recently purchased 155,837,336 shares, which amounts to 0.54 percent of the total number of outstanding shares of the company.
Yemi Odubiyi purchased 37,170,335 units of shares at N3.30 per share, according to information provided by the Tier-2 Bank in a business report to NGX.
With this purchase, his direct shares grew to 351,417,493 units from 314,247,158 units as of August 20, 2023.
The business also disclosed that the Executive Director of Sterling Bank Ltd (a Subsidiary), Raheem Owodeyi, purchased 33,896,166 units of shares.
The 33,896,166 units were purchased for N111.86 million, or N3.30 per share.
His direct shares climbed from 15,946,692 units on August 18, 2023, to 49,842,858 units as a result of this acquisition.
Additionally, 50,874,649 units of shares were bought by a non-executive director, Abubakar Suleiman, at Sterling Financial Holdings Company Plc.
The 50,874,649 units were purchased for N167.88 million, or N3.30 per share.
With this acquisition, his direct shares climbed from 353,131,166 units on August 30, 2023, to 404,005,815 units.
Also buying 33,896,166 shares was the Executive Director of Sterling Bank Ltd (a Subsidiary), Tunde Adeola.
The 33,896,166 units were purchased for N111.86 million, or N3.30 per share.
His direct shares climbed from 15,946,692 units on August 18, 2023, to 49,842,858 units as a result of this acquisition.
According to the declarations dated September 1, 2023, by the company secretary, Temitayo Adegoke, all transactions involving the four board members were completed on August 31, 2023.
According to the company’s 2023 Q2 results, pre-tax profits 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 same period the previous year.
Significant increases in net interest income, net fees, commission revenue, and net trading gains were the primary drivers of the expansion in pre-tax profit.
Even if the bank’s pre-tax earnings increased, it recorded a substantial increase of 136% in the impairment charge on loans.
This expansion contributed directly to the period’s 12.30% increase in credit loss expense on financial assets.
