01-17-2019, 09:57 AM
Sterling Bank Lists N32bn Bond On NSE
Published 2 hours ago on January 17, 2019 By OLUSHOLA BELLO
Sterling Investment SPV Plc, a special purpose vehicle floated by Sterling Bank Plc, listed its N32.899 billion Series II, seven-year 16.25 per cent fixed rate unsecured bonds on the Nigerian Stock Exchange (NSE).
In a notification signed by the head, Listings Regulation of NSE, Godstime Iwenekhai said, “the dealing members are hereby notified that Sterling Investment SPV Plc’s N32.899 billion, seven year-year 16.25 per cent fixed rate unsecured bonds due 2025 (Series II) issued under the N65 billion Debt Issuance Program were on January 14, 2019 listed on the Exchange.”
The SPV is a tier-11 capital raising programme for Sterling Bank, a creative way to shield the bank from unnecessary regulatory and market issues while having access to the much-needed capital. Sterling Bank in 2018 has decided to focus its lending on five key sectors: “HEART” (Health, Education, Agriculture, Renewable Energy and Transport).
In addition, the bank launched I-invest, an app that enables consumers to buy treasury bills themselves, and increased its social media presence. Going by the bank’s third quarter, ended September 30, 2018, showed that gross earnings rose by 21.1 percent to N114.6 billion in the third quarter of 2018 compared with N94.6 billion recorded in comparable period of 2017. Profit before tax grew by N8.5 billion or 29.5 percent as against N6.5 billion in corresponding period of 2017, while after taxes, net profit rose by 39 percent from N5.9 billion to N8.2 billion. Earnings per share thus improved from 21 kobo to 28 kobo.
The chief executive officer, Sterling Bank, Mr. Abubakar Suleiman said the bank has been able to sustain its steady growth due to focused implementation of its strategic intent of exceeding customers’ expectations. He disclosed that the bank’s Series 2 Notes issuance of N19.7 billion under its N39 billion debt issuance programme was oversubscribed. He added that the net proceeds from the issuance would be recognized as Tier II capital after the regulatory approval. He said the buffer provided by the additional capital would give room for business expansion across the bank’s focus growth areas including health, education, agriculture, renewable energy and transportation sectors. “Going forward, we aim to complete the ongoing implementation of a number of digital-led initiatives in line with our digitization drive. This is expected to further intensify the bank’s retail drive,” Suleiman said.
Read More at: https://leadership.ng/2019/01/17/sterlin...nd-on-nse/
Published 2 hours ago on January 17, 2019 By OLUSHOLA BELLO
Sterling Investment SPV Plc, a special purpose vehicle floated by Sterling Bank Plc, listed its N32.899 billion Series II, seven-year 16.25 per cent fixed rate unsecured bonds on the Nigerian Stock Exchange (NSE).
In a notification signed by the head, Listings Regulation of NSE, Godstime Iwenekhai said, “the dealing members are hereby notified that Sterling Investment SPV Plc’s N32.899 billion, seven year-year 16.25 per cent fixed rate unsecured bonds due 2025 (Series II) issued under the N65 billion Debt Issuance Program were on January 14, 2019 listed on the Exchange.”
The SPV is a tier-11 capital raising programme for Sterling Bank, a creative way to shield the bank from unnecessary regulatory and market issues while having access to the much-needed capital. Sterling Bank in 2018 has decided to focus its lending on five key sectors: “HEART” (Health, Education, Agriculture, Renewable Energy and Transport).
In addition, the bank launched I-invest, an app that enables consumers to buy treasury bills themselves, and increased its social media presence. Going by the bank’s third quarter, ended September 30, 2018, showed that gross earnings rose by 21.1 percent to N114.6 billion in the third quarter of 2018 compared with N94.6 billion recorded in comparable period of 2017. Profit before tax grew by N8.5 billion or 29.5 percent as against N6.5 billion in corresponding period of 2017, while after taxes, net profit rose by 39 percent from N5.9 billion to N8.2 billion. Earnings per share thus improved from 21 kobo to 28 kobo.
The chief executive officer, Sterling Bank, Mr. Abubakar Suleiman said the bank has been able to sustain its steady growth due to focused implementation of its strategic intent of exceeding customers’ expectations. He disclosed that the bank’s Series 2 Notes issuance of N19.7 billion under its N39 billion debt issuance programme was oversubscribed. He added that the net proceeds from the issuance would be recognized as Tier II capital after the regulatory approval. He said the buffer provided by the additional capital would give room for business expansion across the bank’s focus growth areas including health, education, agriculture, renewable energy and transportation sectors. “Going forward, we aim to complete the ongoing implementation of a number of digital-led initiatives in line with our digitization drive. This is expected to further intensify the bank’s retail drive,” Suleiman said.
Read More at: https://leadership.ng/2019/01/17/sterlin...nd-on-nse/