Sterling Financial Holdings Company Plc has posted a 102 per cent rise in profit after tax for the 2024 financial year, recording ₦43.68bn, up from ₦21.58bn in 2023.
This was disclosed in its audited financial statements for the year ended December 31, 2024, released on Sunday.
The company highlighted strong gains in earnings, asset quality, and operational efficiency.
Gross earnings climbed to ₦337.19bn from ₦221.77bn in the previous year, fueled by increases in interest and non-interest income, as well as effective cost management. Earnings per share more than doubled to 151 Kobo.
Customer deposits across its subsidiaries grew by 36.7 per cent to ₦2.52tn, reflecting enhanced investor confidence and supporting the group’s lending growth. Meanwhile, impairment charges on loans declined by 12.6 per cent to ₦10.78bn.
Group Chief Executive, Mr. Yemi Odubiyi, said the performance reflects Sterling’s strategic focus on sectors driving Nigeria’s long-term economic development.
“Our 2024 performance reflects our commitment to purposeful growth. By channeling capital into sectors such as agriculture, trade, healthcare, and renewable energy, we’re delivering both strong financial results and meaningful social impact,” he said.
Odubiyi described the growth in assets, the loan portfolio, and earnings as a sign of growing trust from customers and partners.
He added that the group’s subsidiaries continued to gain traction while its sustainability efforts progressed.
Net interest income surged by 62 per cent to ₦134.81bn, while fee and commission income reached ₦44.30bn. Net fees and commissions rose 30 per cent to ₦33.93bn, driven by increased transaction volumes and growth in digital banking services.
According to Odubiyi, diversified earnings helped cushion the impact of interest rate fluctuations and supported improvements in both return on equity and the cost-to-income ratio.
“We remain focused on innovation-led banking, strengthening our core business, and deepening our impact across the communities we serve,” he added.
The group also emphasized its corporate social investments during the year. In collaboration with the Lagos State Government, Sterling launched the Ilera Eko healthcare booths to provide basic health services and promote financial inclusion in underserved communities.
It also expanded financing for solar energy systems and mini-grid solutions targeting households and small businesses, and supported education and entrepreneurship through the Sterling One Foundation.
Sterling noted it received recognitions from bodies such as the International Finance Corporation and the Nigerian Exchange for its corporate governance and impact-focused initiatives.
For the 2024 financial year, the company proposed a dividend of 18 Kobo per share, subject to approval at the upcoming Annual General Meeting.
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The proposal, it said, underscores its commitment to shareholder value and prudent capital management.
