Sterling Financial Holdings Doubles Profit, Posts ₦43.68bn in 2024 Earnings Surge

Sterling Financial Holdings Company Plc (SFHC) has reported a robust 102% year-on-year increase in profit after tax, reaching ₦43.68 billion for the 2024 financial year—up from ₦21.58 billion in 2023.

The impressive figures were disclosed in the company’s audited results for the year ended December 31, 2024, released on Sunday. The report showed marked improvements across key metrics including earnings growth, asset quality, and cost efficiency.

Gross earnings climbed 52% to ₦337.19 billion, from ₦221.77 billion the previous year, driven by gains in both interest and non-interest income streams, alongside prudent expense management. Earnings per share also more than doubled to 151 Kobo.

Customer deposits across SFHC subsidiaries jumped 36.7% to ₦2.52 trillion, underscoring strengthened investor confidence and enabling broader lending activity. Meanwhile, impairment charges on loans fell by 12.6% to ₦10.78 billion, reflecting healthier credit performance.

Group CEO Yemi Odubiyi credited the gains to strategic investment in key sectors of Nigeria’s real economy.

“Our 2024 performance reflects the depth of our commitment to purposeful growth,” he said. “By allocating capital to agriculture, trade, healthcare, and renewable energy, we are achieving strong financial results and lasting social impact.”

He added that the growth in assets and earnings validated the trust the company had earned from stakeholders, while noting the rising momentum across SFHC’s subsidiaries and sustainability initiatives.

Other performance highlights include:

Net interest income: ₦134.81 billion (up 62%)

Fee and commission income: ₦44.30 billion

Net fees and commissions: ₦33.93 billion (up 30%), boosted by digital banking and higher transaction volumes

Odubiyi emphasized that Sterling’s earnings diversity helped cushion the business from interest rate volatility, while also improving key efficiency ratios such as cost-to-income and return on equity.

Beyond financials, SFHC expanded its social investment footprint. Notably, it partnered with the Lagos State Government to launch Ilera Eko health booths, providing essential medical services and financial access to underserved communities. The company also scaled up solar energy financing for homes and small enterprises, while funding education and entrepreneurship through the Sterling One Foundation.

In recognition of its governance and impact strategies, SFHC received commendations from the International Finance Corporation and the Nigerian Exchange.

To reward shareholders, the group has proposed an 18 Kobo per share dividend for the 2024 fiscal year, subject to ratification at its upcoming Annual General Meeting.