Sterling Bank Plc has resolve to install 5,000 Point Of Sale (POS) terminals by the end of 2014.
The Managing Director/Chief Executive Officer, Mr. Yemi Adeola who disclosed this at the bank’s 52nd Annual General Meeting (AGM) held in Lagos stated that the bank will also set up 700 Automated Teller Machine (ATM) with the same period.
This, he said will spread across the country to enable the cash less policy initiative of Central Bank of Nigeria (CBN) be achieved and sustained adding that it will go a long way to curtail challenges faced by customers of the bank , promote e-banking as well as expose them to global standard of banking transactions.
He noted that the major challenges militating cashless policy in the country is dearth of ICT and basic e- banking knowledge by the Nigerians. To this effect, he stated that bank Sterling Bank will be engaging in enlightenment campaign to equip its teeming customers with the required knowledge.
He assured that the bank as equally set up a committee to handle that for the bank.
Adeola further explained that the CBN cashless policy recorded achievement in its pilot phase thus making the apex bank to extend it to others key states of the country.
Adeola noted that policy is still new but with full compliance by all Nigerians, it will be enjoyed by all. “The cashless policy is new, it will continue to improve if all of us comply”, he said.
On financial performance, the bank’s profit before tax (PBT) rose by 24 per cent to stand at N9.3 billion in the year under review, while gross earnings grew to N91.6 billion, representing a 33 per cent growth surge when compared with 2012 figure of N68.8 billion.
The growth in the earning, he said, was as a result of increased volumes and activities and a diversified revenue base.
Operating income equally as it appreciated by 63 per cent from N39.2 billion in the comparable period of 2012 to N57.4 billion within the period under review.
Similarly, Profit after tax (PAT) equally grew by nine per cent, from N6.9 billion recorded in the corresponding year of 2012 to N8.2 billion in 2013.
