SunTrust boosts SMEs with N23.9bn loan

SunTrust Bank said it has issued N23.96 billion loans and advances to the Small and Medium-scale Enterprises (SMEs) sector in 2019.

The Chairman, Olanrewaju Shittu, during the shareholders’ fourth annual general meeting in Lagos said despite the challenges in 2019, the bank increased its balance sheet by 24.61 per cent from N43.97bn to N54.79bn.

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The Managing Director of the bank, Halima Buba, reiterated the commitment of the bank to the growth of the nation’s economy through effective funding of the real sector.

“We are committed to the growth and development of our economy and this can only be done through effective funding of the real sector.

“We increased our loans and advances by 185.41 per cent from N8.4 billion to N23.96 billion and I am assuring you that we will surely do more because we are committed to the growth of the real sector,” she said.

She was delighted that customers have significantly increased their deposits to N25.7bn, an increase of 38.03 per cent, Buba assured that as the bank grows, more funds will be set aside for corporate social responsibility to make people and communities thrive.