By Kayode Tokede
Last week, the management of Sterling Bank Plc announced new corporate identity aimed at possessing customers mind with advanced financial solutions in line with 21st Century banking industry prospect.
According to the bank, the evolution of new identity from “aiming for the moon” to “The Rising Sun” is to align the brand with the current strategic positioning of the Bank.
Known for its strength in retail banking and Agriculture funding, the lender with his new identity has earmarked N10billion for improving the healthcare industry; N10 billion for alternative power supply for Nigerians and empowered 40,000 farmers to feed the country.
Sterling has embraced Information Communication Technology (ICT) and has indeed delivered some of the most innovative and market-disrupting solutions such as Specta- Nigeria’s fastest consumer lending platform, Farepay- Africa’s 1stContactless Transport Card and i-invest-World’s 1st Mobile treasury Bills App among others.
Specifically, Specta, as a credit platform, has disbursed over N6 billion in its first phase and also processed over 10,000 loan transactions successfully within the time frame.
The Specta platform was established to address the problem relating to the length of time it took customers to access loans and the complexities involved, as well as the cost incurred by the bank to process credit.
The Company Secretary & Chief Legal Counsel, Sterling Bank, Justina Lewa in a statement said, “ The refreshed identity is simpler, sophisticated and more dynamic in look; it reflects the Bank’s progression from old school banking into a new and agile force that delivers forward-moving disruptive financial solutions.
“The bank’s brand has never been stronger and more relevant than it is today and the Bank is in a good position to roll out more innovative services and strengthen its corporate identity in order to occupy an even greater share of space in consumers’ minds.
“The new identity remains a reflection of the Bank’s unstoppable drive to always go further and in its continued commitment to the Nigerian financial services industry.”
‘Rising Sun’ corporate identity reflects a new, modern look and feel that portrays the bank’s growth trajectory and position for the future.
Building on the previous logo which represented a brand aiming for the moon, the new symbol has been rolled out across the bank’s branches nationwide as well as its digital platforms.
Sterling Bank’s CEO, Mr. Abubakar Suleiman had said, “The logo represents our drive and mission to be Nigeria’s foremost bank, delivering highly impactful and valuable solutions for all our stakeholders.”
Lately, the bank has continued to introduce different innovative, aimed at increasing its customers base and boosting profit.
The bank in 2019 is focusing on branch expansion; reach some unbanked rural communities using its agent network.
Latest financial performance
Thye bank sustained earnings growth momentum with a 21.1 per cent increase in gross earnings from N94.6 billion in the third quarter of 2017 to reach N114.6 billion in the third quarter of 2018.
This was on the back of a 31.2per cent increase in non-interest income driven by a growth in trading and transaction banking revenues, as we continue to prioritize efficiency of our digital banking platforms to support our retail drive.
In terms of asset quality, cost of risk declined further by 100 basis points to 0.8 per cent from 1.8 per cent in September 2017.
Overall, the Bank was able to sustain the steady growth in its bottom line delivering a 39.0per cent increase in profit after tax to N8.2 billion when compared to the same period in 2017.