Sterling Financial Holdings Reports 102% Profit Growth
Sterling Financial Holdings Company Plc has announced its audited full-year results for the financial year ended December 31, 2024. The group reported a profit after tax (PAT) of ₦43.68 billion, representing a 102% year-on-year (YoY) increase from the ₦21.58 billion recorded in 2023. According to the report, earnings per share more than doubled to 151 […]
Sterling Financial Holdings Company Plc has announced its audited full-year results for the financial year ended December 31, 2024.
The group reported a profit after tax (PAT) of ₦43.68 billion, representing a 102% year-on-year (YoY) increase from the ₦21.58 billion recorded in 2023.
According to the report, earnings per share more than doubled to 151 Kobo, reflecting the Group’s strategic resilience and consistent delivery on shareholder value.
Gross earnings rose to ₦337.19 billion, up from ₦221.77 billion in 2023, driven by higher interest income, enhanced non-interest revenue, and prudent cost control.
Across its subsidiaries, customer deposits grew by 36.7% to ₦2.52 trillion, providing the Group with ample liquidity to support the scale of its lending activities.
Despite this expansion, the
quality of assets improved, as impairment charges on loans fell by 12.6% to ₦10.78
billion.
Sterling was also ranked among the most actively traded stocks on the Nigerian
Exchange (NGX) between March and June 2025, reflecting sustained investor
confidence in the Group’s long-term strategy and performance outlook.
Commenting on the results, Yemi Odubiyi, Group Chief Executive of Sterling Financial
Holdings Company Plc, affirmed that the Group’s performance reflects the successful execution of its long-term strategy, particularly in sectors critical to Nigeria’s economic resilience, and underscores its commitment to delivering value for shareholders while
deepening support for sustainable development.
“Our 2024 performance reflects the depth of our commitment to purposeful growth. By deliberately channeling capital into sectors that drive real economic value like agriculture, trade, healthcare, and renewable energy, we are not only achieving strong
financial outcomes but also delivering lasting impact. The significant growth in our assets, loan book, and earnings is a testament to the trust we’ve earned from our customers and partners. As a Group, we are proud to see our subsidiaries gain
momentum, our sustainability initiatives come to life, even as we continue evolving into a more agile and inclusive financial ecosystem.
“We remain focused on delivering innovation-led banking, strengthening our core, and deepening our contribution to the communities and markets we serve,” he stated.