Sterling Financial Holdings Company Plc (SFHC) has released its audited financial results for the year ended December 31, 2024, posting a strong performance marked by solid earnings growth, balance sheet expansion, and a return to dividend payments.
The Group recorded a profit after tax of ₦43.68 billion — a 102% increase from ₦21.58 billion in 2023. Earnings per share also more than doubled to 151 kobo, reflecting strong execution of its strategy and growing shareholder value.
Gross earnings rose to ₦337.19 billion (up from ₦221.77 billion), driven by higher interest income, strong non-interest revenue, and effective cost management. Customer deposits across subsidiaries climbed by 36.7% to ₦2.52 trillion, providing robust liquidity for expanded lending.
Despite the growth, loan impairment charges declined by 12.6% to ₦10.78 billion, reflecting improved asset quality. Sterling was also one of the most actively traded stocks on the Nigerian Exchange (NGX) between March and June 2025 — a sign of investor confidence.
Group CEO Yemi Odubiyi said the performance validates SFHC’s long-term strategy focused on impact-driven sectors like agriculture, healthcare, trade, and renewable energy. By channeling capital into high-impact areas, we’re not only achieving strong financial results but also delivering lasting value to communities, Odubiyi said. We are evolving into a more agile and inclusive financial ecosystem.
Key highlights include:
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Net interest income rose by 62% to ₦134.81 billion
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Fee and commission income reached ₦44.30 billion
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Net fees and commissions increased by 30% to ₦33.93 billion
This income diversification helped cushion the impact of interest rate volatility and improved operational efficiency, reflected in a stronger return on equity and better cost-to-income ratio.
SFHC also advanced its sustainability agenda in 2024:
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Launched affordable Ilera Eko healthcare booths with the Lagos State Government
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Scaled up renewable energy financing for off-grid power solutions
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Invested in education and entrepreneurship through the Sterling One Foundation, impacting thousands — especially youth and women
Recognised by the IFC and Nigerian Exchange for its governance and social impact, SFHC has proposed an 18 kobo per share dividend for 2024, pending approval at its next AGM — reaffirming its commitment to balancing growth with shareholder returns.