Sterling Financial Holdings Reports 102% Profit Growth In 2024

Sterling Financial Holdings Company Plc has announced its audited full-year results for the financial year ended December 31, 2024, delivering a performance marked by strong earnings growth, robust balance sheet expansion, and a return to dividend payout.

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. 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.

SFHC’s commitment to growing diversified income streams also paid off. Net interest income climbed by 62% to ₦134.81 billion, while fee and commission income rose to ₦44.30 billion. Net fees and commissions increased by 30% to ₦33.93 billion in 2024, supported by higher transaction volumes, trade-related income, and digital banking fees. This growth provided a steady cushion against interest rate volatility and further diversified the Group’s earnings streams. The result was a stronger overall return on equity and a notable improvement in the Group’s cost-to-income ratio, reinforcing the operational efficiency gains achieved over the year.

Beyond financial performance, the Group demonstrated a deepened commitment to impact through its investments in renewable energy, healthcare, and community development. In 2024, SFHC partnered with the Lagos State Government to launch the Ilera Eko healthcare booths, delivering affordable, community-based medical services.

The project integrated basic care with financial inclusion, offering underserved populations a chance to access both health services and entry-level banking. Similarly, the Group ramped up its financing of solar power systems and mini-grid solutions, helping households and small businesses transition to sustainable energy while reducing reliance on fossil fuels.

Throughout the year, SFHC also engaged in numerous education and entrepreneurship programmes through the Sterling One Foundation, its social impact vehicle. These initiatives provided financial literacy, business support, and capacity development for thousands of young Nigerians, with a special focus on empowering women and youth in underserved communities. These efforts earned the Group recognition from institutions such as the IFC and Nigerian Exchange for excellence in corporate governance and social responsibility.

In line with its commitment to delivering shareholder value, SFHC has proposed a dividend of 18 Kobo per share for the 2024 financial year. The proposed dividend, subject to shareholder approval at the upcoming Annual General Meeting, emphasises the Group’s disciplined capital management approach and its intention to balance growth investments with direct returns to shareholders.