The directors of Sterling Financial Holdings Company Limited have demonstrated their confidence in the financial institution by actively purchasing its shares.
In the latest insider transactions, four directors, including Yemi Odubiyi, the Group Managing Director and Chief Executive Officer, invested over half a billion naira to acquire 155,837,316 ordinary shares at a unit price of N3.30, totaling N514,263,142.8 on August 31, 2023.
Abubakar Suleiman, a Non-Executive Director, made the most substantial contribution, accounting for approximately 32.7% of the total transactions.
He acquired 50,874,649 ordinary shares, spending approximately N167.89 million.
Yemi Odubiyi followed closely with 23.9% of the transactions, amassing 37,170,335 ordinary shares worth about N122.62 million.
Tunde Adeola, an Executive Director at Sterling Bank Limited, invested N111.86 million to increase his shareholding by 33,896,166 units at N3.30 per unit.
Similarly, Raheem Owodeyi, another Executive Director at Sterling Bank Limited, invested N111.86 million in 33,896,166 ordinary shares at N3.30 per unit, accounting for 21.8% of the total insider dealings on August 31, 2023.
Temitayo Adegoke, the Company Secretary of Sterling Financial Holdings Company Limited, reported these transactions to the Nigerian Exchange Limited.
In addition, Sterling Financial Holdings Company Plc released its earnings results for the second quarter and six months ending June 30, 2023.
During the second quarter, the company reported net interest income of N22.98 billion, compared to N16.85 billion in the previous year, with net income reaching N6.63 billion, up from N4.47 billion.
For the six-month period, net interest income amounted to N45.13 billion, an increase from N33.70 billion the previous year, with net income at N10.68 billion, compared to N8.01 billion.
Basic earnings per share from continuing operations stood at N0.37, up from N0.28, while diluted earnings per share from continuing operations also increased to N0.37 from N0.28 a year ago.
