Sterling Financial Holdings Company Plc has recorded a remarkable 102% growth in profit after tax, hitting ₦43.68 billion for the 2024 financial year up from ₦21.58 billion in 2023. This impressive performance was disclosed in its audited full-year financial statements for the year ended December 31, 2024.
The Group’s gross earnings soared to ₦337.19 billion from ₦221.77 billion in 2023, driven by robust growth in interest income, non-interest revenue, and strategic cost efficiency. Earnings per share also more than doubled, rising to 151 Kobo.
Net interest income grew by 62% to ₦134.81 billion, while fee and commission income increased to ₦44.30 billion. Additionally, net fees and commissions surged by 30% to ₦33.93 billion, supported by higher transaction volumes and increased adoption of digital banking services.
Customer deposits expanded by 36.7% to ₦2.52 trillion, reflecting stronger investor trust and supporting the group’s lending capacity. Meanwhile, impairment charges on loans declined by 12.6% to ₦10.78 billion, showcasing enhanced asset quality.
Group Chief Executive, Mr. Yemi Odubiyi, credited the solid performance to Sterling’s strategic investments in high-impact sectors such as agriculture, trade, healthcare, and renewable energy. He affirmed that these focus areas are not only driving profit but also delivering tangible social and economic value.
In 2024, the company deepened its sustainability efforts, launching the Ilera Eko healthcare booths in partnership with the Lagos State Government, expanding access to solar energy for small businesses, and supporting education and entrepreneurship through the Sterling One Foundation.
Recognized for excellence in corporate governance, Sterling received accolades from the International Finance Corporation and the Nigerian Exchange. The Group has proposed a final dividend of 18 Kobo per share, underscoring its commitment to shareholder value and disciplined capital allocation.
