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Sterling Bank of Nigeria Falls Most in Month on No-Dividend

April 12 (Bloomberg) -- Sterling Bank Plc, a Nigerian lender, fell the most in almost a month after the bank didn’t declare a dividend or issue bonus shares after returning to profit last year.

The stock lost 11 kobo, or 4.8 percent, its biggest daily decline since March 15, to 2.19 naira by the 2:30 p.m. close in Lagos.

Net income rose to 5.04 billion naira ($32.6 million) from a loss of 9.02 billion naira a year earlier, according to a statement published on the Lagos-based Nigerian Stock Exchange’s website today. Revenue decreased to 34.3 billion naira from 46.7 billion naira.

“The results are good, but investors want compensation for their investments,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment Co., said by phone today. “Investors are reacting to the non-declaration of dividend or bonus.”

Sterling has declined 5 percent this year, compared with a 0.4 percent increase in the Nigerian Stock Exchange All-Share Index for the same period.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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