Sterling bank PLC Director retires

Sterling bank PLC Director retires

Raphael Orji Raphael Orji December 8, 2018

Sterling bank PLC Director retires

Sterling bank PLC Director – The bank announced that Rasheed Kolarinwa has retired as its independent Director, with a notice to the Nigerian Stock Exchange (NSE)

Rasheed became the independent Director of Sterling bank in 2010 and retired after 8 years of profitable service.

To his academic portfolio are: BA in Economics, from the University of Toronto, Canada. MBA in finance and international business from Schulich School of Business, York University Canada.

Under his leadership at the moment is Capiflex Management Limited as a Chairman.

His career in banking took off in the year 1981 with International Bank Nigeria Limited as well Chartered Bank Nigeria PLC in 1989.

His series of Senior Managing Director include Executive Director 1999 and 2005.

The Deputy Managing Director of IBTC chartered bank PLC which runs through 2005 to 2007 December.

Under his leadership, Sterling bank posted profit even in its Q3 of the 2018 financial year.

According to statistical data made available, the bank revenue shifts from N95 billion in 2017 to N115 billion in 2018, which translates to a 21.9% increase.

In its books, profit before tax shifts from N6.5 billion of 2017 to N8.5 billion, a 30.7% increase margin.
Profit after tax arrived at N8.2 billion from N5.9 billion of the preceding year with a 38.1% annual increase.

Earning per share was as well remarkable to have a 21k to 28k from 2017 to 2018, a 33.8% increase.
The shares traded at N1.70 as at Friday December 7, 2018.

The retirement of Kolarinwa is a remarkable one as he left the bank in a profitable state, to mark the beginning of a new era, while some banks are struggling.

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