Tag: Sterling Bank Plc

The Board of Sterling Bank Plc has notified shareholders, the Nigerian Exchange Limited (NGX), investing public and other relevant stakeholders of its imminent meeting, scheduled to hold on Thursday, 28th of October, 2021 at 10:00am prompt.

The meeting will enable the Board members to consider and approve the Bank’s financial statements for the period ending 30th of September, 2021.

Confirming the recent development, a recent notice filed with the NGX partly reads: ‘’ Sterling Bank Plc (the Bank) wishes to notify the Nigerian Exchange Limited (NGX), its shareholders and the investing public that a meeting of the Board of Directors of the Bank will be held in Lagos on Thursday, 28th October, 2021 at 10.00am to consider the Bank’s Financial Statements for the period ending 30th September, 2021.’’

In light of the above, the Bank declared a closed period for trading in its shares from 1st of October, 2021 until 24 hours after the financial statements for the period ending 30th September, 2021 are released on the floor of the Exchange (NGX).

Consequently, Directors and other insiders of the Bank are restricted from dealing in the securities of the Bank during the closed period.

To access the notice, click HERE.

Sterling Bank Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

• Gross earnings is expected to hit N40.19 billion
• Interest income is projected at N30.8 billion.
• Net operating income is expected to hit N28.8 billion.
• Operating expenses projection of N25.6 billion
• Tax is projected at N259.7 million
• Profit after tax is projected at N2.99 billion

See link to results.

Sterling Bank Plc has announced that its Board of Directors will be meeting on Thursday 29th July, 2021 at 10:00am to take decisions on the company’s audited financial statements for the period ended 30th June, 2021.

Sterling Bank also informed stakeholders and the investing public that it would observe its closed period starting from 1st July, 2021 until 24 hours after the unaudited 2019 financial statements is released.

This is according to a notice signed by the company’s secretary, Temitayo Adegoke, and sent to the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.

The disclosure is in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that: ‘’ The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange’’

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.’’

A close period is a period before the release of a company’s result when those with material information that could impact the firm’s share price, are prohibited from trading the shares of the company. Those with enough material information that could influence share price include company’s directors, audit committee members, managers etc.

Sterling Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

• Gross earnings were projected to hit N38.4 billion.
• Interest income was projected at N29.82 billion.
• Net operating income projection of N26.5 billion.
•  Operating expenses were projected at N22.11 billion.
• Tax projections of N351.4 million
• Profit after tax is projected at N4.04billion.

See link to forecasts.