SunTrust Bank Grows Loan Book By 185.4%, As SMEs Get N23.96bn Boost
The management of SunTrust Bank Limited, at the weekend, held its annual general meeting, which offered shareholders an opportunity to review its operations for the year ended December 31, 2019.
It was a year in which, according to the Managing Director and Chief Executive, Halima Buba, the bank contributed to the growth of the nation’s economy through effective funding of the real sector as demonstrated in the significant growth in its loan book.
This, according to her, “can only be done through effective funding of the real sector. As you can see, we increased our loans and advances by 185.41% from N8.4bn to N23.96bn.”
Also commenting on the report, the bank’s chairman, Olanrewaju Shittu, while addressing the shareholders at the AGM, 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% from N43.97bn to N54.79bn.
Continuing, Ms. Buba promised that the bank “will surely do more, because we are committed to the growth of the real sector, knowing fully well that, that is the only means to ensure effective growth and development of our nation’s economy.
“In line with our strategy, we are going to aggressively drive SMEs transactions… and part of our strategy is retail banking, we want to create a retail bank of choice and certainly SMEs is the engine room for the growth of any economy and to provide financing services, to support the SMEs will be the only way, we can support the growth of the economy and particularly in line with the vision of the CBN and the current administration”
Delighted that customers have significantly increase their deposit to the bank to the tune of N25.7bn, 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.
“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%, from N18.64bn to N25.73bn and a growth in the bank’s total assets from N43.97bn to N54.79bn.”
Sounding very optimistic about the future of the bank, the CEO 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.”
Photo caption: From left, Managing Director/CEO, SunTrust Bank Nigeria Limited, Hajiya Halima Buba, its Chairman, Olanrewaju Shittu; and Acting Company Secretary, Mayokun Awolola, at the 2019 Annual General Meeting of the bank on December 19, 2020.