Abubakar Suleiman, Non-Executive Director of Sterling Financial Holdings Company Plc, has once again purchased an additional 7,882,228 units of shares in the company worth N27 million.
This was disclosed via an official statement on notice of Directors Dealings signed by Company Secretary Temitayo Adegoke and sent to the Nigerian Exchange.
The acquisition of 7,882,228 shares represents 0.03% of the company’s total outstanding shares.
The Tier-2 Bank revealed that Abubakar Suleiman acquired 7,882,228 units of shares at N3.47 per share.
This new acquisition increases his number of direct shares from 345,248,938 units as of 18th August 2023 to 353,131,166 units or 1.23%.
The company also revealed that the transaction was done between 29th and 30th of August 2023.
The Company reported its 2023 second-quarter results showing pre-tax profits grew by 44.40% year on year, reaching N7.044 billion. This took half-year pre-tax profits to N11.46 billion versus N8.62 billion in the same period last year.
The growth in pre-tax profit was driven by substantial growth in net interest income, net fees, commission income, and net trading gains.
Although the bank experienced a growth in pre-tax profit, it recorded a substantial increase of 136% in the impairment charge on loans.
This increase directly contributed to the 12.30% growth in credit loss expense on financial assets during the period.
