Abubakar Suleiman Acquires N168 Million in Sterling Financial Holdings Shares

Abubakar Suleiman, a Non-Executive Director at Sterling Financial Holdings Company Plc has purchased an extra 50 million shares valued at N168 million, as stated in a notice of Directors Dealings signed by the Company Secretary, Temitayo Adegoke, and submitted to the Nigerian Exchange Limited. This acquisition corresponds to 0.17% of the company’s total outstanding shares.

Abubakar Suleiman’s direct shares have risen from 262,668,608 units in June 2023 to 312,668,608 units, which represents an increase of 1.09%. The acquisition of 50 million SterlingNG shares at a price of N3.36 per share was confirmed in a notice signed by Company Secretary Temitayo Adegoke on August 3, 2023, and the transaction took place on the same day.

In the second quarter of 2023, the Company reported a remarkable 44.40% year-on-year increase in pre-tax profits, amounting to N7.044 billion. As a result, the half-year pre-tax profits reached N11.46 billion, compared to N8.62 billion during the same period last year.

The significant growth in pre-tax profit can be attributed to substantial increases in net interest income, net fees and commission income, and net trading gains. However, it’s worth noting that the bank also experienced a substantial 136% increase in the impairment charge on loans, which directly contributed to a 12.30% growth in credit loss expense on financial assets during the period.