The company’s extra 17,500,000 shares, valued at N65 million, have been purchased by Yemi Odubiyi, Group CEO of Sterling Financial Holdings Company Plc.
This information was made public by a notice of directors dealings issued to the Nigerian Exchange Limited and signed by company secretary Temitayo Adegoke. 17,500,000 shares, or 0.06% of the company’s total outstanding shares, were purchased.
Yemi Odubiyi’s direct shares have increased from 295,190,895 units as of August 10, 2023, to 312,690,895 units, or 1.09%, as a result of the transaction.
According to the notice dated August 14, 2023 and signed by Temitayo Adegoke, Company Secretary, the transaction took place on August 11, 2023. At a cost of N3.75 per share, 17,500,000 units of Sterling shares were purchased.
Pre-tax profits for the Company’s 2023 second quarter increased by 44.40% year over year to N7.044 billion. Pre-tax profits for the first half of the year increased to N11.46 billion from N8.62 billion during the same period previous year.
Significant increases in net interest income, net fees, commission revenue, and net trading gains were the primary drivers of the expansion in pre-tax profit.
Although the bank’s pre-tax profit increased, the impairment charge on loans significantly increased by 136%. This expansion contributed directly to the period’s 12.30% increase in credit loss expense on financial assets.
