Sterling bank intensifies debt recovery drive

Sterling Bank Plc has said it will always adopt amicable resolution or when necessary, drastic legal actions to achieve debt recovery outcomes. Such strategies include restructuring for accelerated payoffs and possible foreclosure or disposal of pledged assets of defaulting debtors.

This is expected to ensure a progressive drop in the bank’s non-performing loan (NPL) ratio which has decreased significantly year on year since 2016.

Commenting on the intensified debt recovery drive, the bank’s Group Head, Credit Collection and Recovery, Abiodun Aderoju, said: “Sterling Bank witnessed a 383 per cent increase in recoveries between 2016 and 2017. This resulted in a significant improvement in asset quality as reflected in the reduction in non-performing loan ratio by 370 basis points to 6.2 per cent in 2017, from 9.9 per cent in 2016.

“We are building aggressively on this momentum to ensure that defaulting customers meet their debt obligations to the bank.”

Aderoju added that the bank continues to maintain a disciplined and prudent approach to loan growth in line with its risk management framework.

“The impact of our recovery efforts would be felt by the end of the financial year because it will result in a further drop in our Non-Performing Loan portfolio.

“We are keen on achieving this despite the antics of debtors who take their obligations lightly.”

He said although the bank’s gross loans and advances in 2017 increased by 29.5 per cent to N617.6 billion and net loans and advances by 27.7 per cent to N598.1 billion, the bulk of the increase was primarily driven by cash-backed facilities with limited credit risks.

68 thoughts on “Sterling bank intensifies debt recovery drive

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