Banking
Sterling Bank Declares 3 Kobo Dividend After 15% Rise in Profit
By Dipo Olowookere
Shareholders of Sterling Bank Plc will get a cash dividend of 3 kobo for each stock of the company held by shareholders of the organisation as at the close of business of Monday, May 4, 2020.
The disclosure was made on Thursday by the board of the mid-tier bank after it released the financial statements of the company for the year ended December 31, 2019.
The lender said while it would close its register of members from May 5 to 8, 2020, the payment would be done on May 20, 2020, advising shareholders to update their records to receive the payment.
In the results released today, Sterling Bank marginally improved its gross earnings by one percent to N150.2 billion from N148.7 billion in 2018, posting an interest income of N127.3 billion in 2019 over N125.2 billion in the prior year, and a lower interest expense of N62.6 billion in the period under review versus N69.9 billion of the previous year. This left the firm with a net interest income of N64.7 billion in FY 2019, higher than N55.3 billion in FY 2018.
The lender raked more in net fees and commission income in FY19, N14.6 billion, compared with N11.8 billion in FY18, while the trading income reduced to N5.1 billion from N8.6 billion, with other trading income flat at N3.2 billion in the two financial years under comparison.
Furthermore, Sterling Bank printed an operating income of N87.6 billion in 2019 versus N78.8 billion in 2018 and with a credit loss expense of N5.8 billion (vs N5.8 billion in 2018), it closed December 31, 2019 with a net operating income after credit loss expense of N81.8 billion, higher than N73.0 billion as at December 31, 2018.
During the 2019 fiscal year, personnel expenses gulped N14.9 billion compared with N13.2 billion in the corresponding period of 2018, while other operating expenses took N18.1 billion from the bank’s purse as against N16.7 billion in the previous year, with N22.9 billion spent on general and administrative expenses in FY19 versus N20.8 billion in FY18. The lender said the total expenses for the year under consideration stood at N71.1 billion in contrast to N63.5 billion a year earlier.
For the bottom-line of the results, Sterling Bank recorded a profit before tax of N10.7 billion in the 2019 fiscal year, higher than N9.5 billion in the 2018 financial year. Also, its profit after tax increased by 15.2 percent to N10.6 billion from N9.2 billion as a result of the N70 million paid in the year under review as against the N271 million paid 12 months earlier.
Business Post reports that the earnings per share (EPS) of Sterling Bank improved in the FY 2019 to 37 kobo from 32 kobo and on the balance sheet, the total assets slightly increased to N1.2 trillion from N1.1 trillion, while the total liabilities jumped to N1.1 trillion from N1.0 trillion.
During the year, the loans and advances to customers reduced to N618.7 billion from N621.0 billion, while the deposits from customers increased to N892.7 billion from N760.6 billion, with the retained earnings improving to N6.2 billion in 2019 from the N3.3 billion loss in 2018.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
