By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s tier one lender, Sterling Bank Plc on Wednesday cut its dividend payment in 2014 audited period by 76 percent to 0.6 kobo from 0.25 kobo per share paid to investors a year earlier.

The lender proposed dividend amounted to N1.73 billion compared to N5.40 billion paid in 2013; indicating a decline of 68 percent in the review period.

In a filing with the Nigerian Stock Exchange (NSE) Sterling Bank said closure date has been scheduled for 13-17, April, 2015, while annual general meeting (AGM) and payment date will be April 30, 2015 respectively.

A review of the lenders 2014 audited report revealed that profit after tax (PAT) climbed up 8.82 percent to N9.00 billion from N8.27 billion recorded in 2013.

Also, profit before tax (PBT) grew N15.44 percent to N10.75 billion from N9.31 billion reported last year.

Similarly, gross earnings increased from N91.74 billion in 2013 end to N103.70 billion; showing an increase of 13.01 percent in the review period.

At the close of business on the Nigerian bourse, share price of the bank declined 4.80 percent as it lost 0.11 kobo opening N2.29 and closing N2.18.