Directors of Sterling Financial Holdings Exhibit Confidence in Share Acquisitions – By actively acquiring shares, the directors of Sterling Financial Holdings Company Limited have demonstrated unwavering confidence in the financial institution.
Recent insider transactions by four directors of the Holding Company, including the Group Managing Director and Chief Executive Officer of Sterling Financial Holdings Company Plc, Yemi Odubiyi, demonstrated this resounding confidence in the company’s prospects.
On August 31, 2023, these directors acquired 155,837,316 ordinary shares of the company on the secondary market of NGX Ltd at a price per share of N3.
The total amount of this significant transaction was N514,263,142.8.
Abubakar Suleiman, a non-executive director, was responsible for approximately 32.7% of these transactions, purchasing 50,874,649 ordinary shares and investing approximately N167.89 million.
Yemi Odubiyi, the GMD/CEO, followed Abubakar closely with 23.9 percent of the transactions and a total of 37,170,335 ordinary shares, equivalent to an investment of approximately N122.62 million.
Tunde Adeola, the Executive Director of Sterling Bank Limited, a subsidiary of Sterling Financial Holdings Company Limited, significantly increased his shareholding by purchasing 33,896,166 units of shares on the secondary market of the NGX Ltd for N111.86 million.
Similarly, on the same day, Executive Director Raheem Owodeyi invested approximately N111.86 million, purchasing 33,896,166 ordinary shares at a price of N3.30 per share. This represented 21,8% of all insider transactions conducted by these four directors on August 31, 2023.
Temitayo Adegoke, the company secretary, promptly notified the Nigerian Exchange Limited of these significant secondary market transactions that occurred on August 31, 2023.
Meanwhile, Sterling Financial Holdings Company Plc reported impressive earnings for the second quarter and six-month period ending 30 June 2023.
The company reported net interest income of N22.98 billion in the second quarter, a significant increase from N16.85 billion in the same period last year.
Net income also witnessed significant growth, rising to N6.63 billion from N4.47 billion year-on-year.
For the six-month period, net interest income increased from N33.70 billion to N45.13 billion. Similarly, net income increased from N8.01 billion to N10.68 billion.
Basic earnings per share from continuing operations for the period were N0.37, compared to N0.28 in the prior year, and diluted earnings per share from continuing operations followed the same trajectory, reaching N0.37 compared to N0.28 in the previous year.