The chairman, Olanrewaju Shittu, while addressing the shareholders at the bank’s fourth annual general meeting, held in Lagos, noted that despite the challenges of the year under review, SunTrust Bank was still able to increase its balance sheet by 24.61 per cent from N43.97 billion to N54.79 billion.
The Managing Director and Chief Executive of the bank,
Halima Buba, reiterated the commitment of the bank to the growth of the nation’s
economy through effective funding of the real sector.
According to her: “We are committed to the growth and
development of our economy and this can only be done through effective funding
of the real sector. As you can see, we increased our loans and advances by
185.41 per cent from N8.4 billion to N23.96 billion and I am assuring you that
we will surely do more because we are committed to the growth of the real
sector, knowing full well its potential and capacity to drive growth and
development of our economy “.
Delighted that customers have significantly increase their
deposit to the bank to the tune of N25.7 billion, an increase of 38.03 per
cent, Halima Buba assured that as the bank grows, more funds will be set aside
for corporate social responsibility as SunTrust Bank is poised to make people
and communities thrive.
She also said: “The bank increased the headcount to ensure
increased business growth higher than previous year, this amongst other caused
increase in customer deposits compared with previous year by 38.03 per cent,
from N18.64 billion to N25.73 billion and a growth in the bank’s total assets
from N43.97 billion to N54.79 billion”
Sounding very optimistic about the future of the bank,
Halima Buba Said:
“Despite the threats to growth, the Bank will take advantage
of opportunities presented in the coming financial year to improve earnings,
profitability and asset quality with a view to delivering value to our esteemed
shareholders.”
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