BusinessSterling Bank shares plummets

Sterling Bank shares plummets

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The value of Sterling Bank’s stock is said to have plummeted in the 2021 fiscal year, causing a panic among investors.

According to reports, this dipped decreased investor confidence in the bank by 28.10 percent.

Sterling Bank shares began trading at N2.10 on January 4, 2021, but were later sold at N1.51 at the close of business on December 31, 2021, according to the report.

Investors lost 21.50 percent of their money in the bank in 2021, according to reports.

Sterling Bank’s equity, on the other hand, has increased by 2.61 percent this year, from N1.53 on January 4 to N1.57 at the market’s close on January 18.

The lender has a low dividend payout, having paid only 21 kobo as dividend in the last five financial years.

According to financial experts, this may be one of the reasons investors were unwilling to invest in its equity last year. It paid just 5 kobo as a dividend in the 2020 fiscal year.

In a 26.55 percent improvement to the N7.37 billion declared in September 2020, Sterling Bank posted N9.47 billion post-tax profit in the same period in 2021.

The bank disclosed that N156.89 billion was raked in as gross revenue in the third quarter of 2021, 6.85 percent higher than the N146.84 billion it made in the same period in 2020.

Meanwhile, Sterling Bank’s income growth was due to the 65.30 percent and 104.02 percent rise in net fee and commission income and other operating income respectively.

Net Operating Income went up by 19.4 percent to N67.9 billion, which was attributed to the growth in credit loss expenses.

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