Sterling Financial Holdings Reports 102% Profit Growth in 2024…Reinforces Growth Path With Strong Fundamentals

Sterling Financial Holdings Company Plc (“SFHC” or “the Group”)  announced its audited full-year results for the financial year ended December 31, 2024,  delivering a solid 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.