Sterling GMD, directors buy N514m additional shares

The directors of Sterling Financial Holdings Company Limited, have continued to mop- up its shares, thereby expressing confidence in the viability of the financial institution.

The most recent insiders dealings carried out by four of the directors of the Holding Company, among which is the Group Managing Director and Chief Executive Officer of Sterling Financial Holdings Company Plc, Yemi Odubiyi, showed that over half a billion naira was spent to acquire 155,837,316 ordinary shares of the company in the secondary market of the NGX Ltd on August 31, 2023.  The shares were priced at N3.30 per unit amounting to N514, 263,142.8.

A Non-Executive Director, Sterling Financial Holdings Company Limited, Abubakar Suleiman, accounted for about 32.7 percent of the aggregate transactions with 50,874,649 ordinary shares of the company added to its shareholding in one day. He spent about N167.89 million to acquire the shares.

Odubiyi was next to Abubakar in the volume of transactions done on the shares of the HoldCo by the directors on August 31, 2023 with 23.9 percent. The GMD/CEO amassed a total of 37,170,335 ordinary shares at N3.30 per unit, amounting to about N122.62 million.

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Executive Director, Sterling Bank Limited, Subsidiary of Sterling Financial Holdings Company Limited, Tunde Adeola, spent N111.86 million to add 33,896,166 units of shares to increase his shareholding.  The transaction which took place in the secondary market of the NGX Ltd on August 31, 2023, was priced at N3.30 per unit.

Also, Executive Director, Sterling Bank Limited, Raheem Owodeyi, invested in the shares of the holding company on the same day splashed about N111.86 million on 33,896,166 ordinary shares at N3.30 per unit, accounting for 21.8 percent of the total insider’s dealing by the four directors on August 31, 2023.

Company Secretary, Sterling Financial Holdings Company Limited, Temitayo Adegoke, notified the Nigerian Exchange Limited of the transactions which held on August 31, 2023 on the secondary market.

Meanwhile, Sterling Financial Holdings Company Plc, reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was N22.98 billion compared to N16.85 billion a year ago. Net income was N6.63 billion compared to N4.47 billion a year ago.

For the six months, net interest income was N45.13 billion compared to N33.70 billion a year ago. Net income was N10.68 billion compared to N8.01 billion a year ago. Basic earnings per share from continuing operations was N0.37 compared to N0.28 a year ago. Diluted earnings per share from continuing operations was N0.37 compared to N0.28 a year ago.