IN its commitment to make the growth of the small and medium scale enterprises (SMEs) its primary focus, SunTrust Bank gave out N23.96 billion as loans and advances to the industry in 2019.
Addressing shareholders at the annual general meeting at the weekend in Lagos, Chairman, SunTrust Bank Nigeria Limited, Olanrewaju Shittu stated despite the challenges of the year under review, SunTrust Bank managed to increase its balance sheet by 24.61 per cent from N43.97 billion into N54.79 billion.
Managing Director, SunTrust Bank, Halima Buba, reiterated the commitment of the bank to the growth of the nation’s economy through effective funding of the actual sector.
She said the bank was dedicated to the growth and development of the nation’s economy through successful funding of the actual 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 now I am assuring you that we can do more because we are committed to the development of the real sector, knowing fully that, that’s the only ways to guarantee effective growth and advancement of our nation’s market,” Buba said.
According to her, in line with the bank’s plan, it’s going to aggressively drive SMEs trades and part of this strategy is retail banking.
“We want to make a retail bank of choice and certainly SMEs is the engine area for the growth of any market and also to give financing solutions, to encourage the SMEs will be the only way. We can support the development of the economy and particularly in accord with the vision of the CBN and the present administration,” Buba said.
She expressed delight that customers had significantly increased their deposit into the bank to the tune of N25.7 billion, with an increase of 38.03 percent, adding that as the bank grows, more funds will be set aside for corporate social responsibility to produce the communities and people thrive.
“The bank increased the headcount to ensure increased business growth greater than the previous year. This one of other caused an increase in consumer deposits compared with preceding year by 38.03 percent, from N18.64 billion to N25.73 billion and growth in the bank’s total assets from N43.97 billion to N54.79 billion,” Buba said.
She expressed optimism about the future of the lender noting that despite the threats to increase, the lender will take advantage of opportunities presented from the forthcoming financial year to improve earnings, profitability, and asset quality with a view to delivering value to its investors.
