Sterling Financial Holdings Company Plc (SFHC) has posted a remarkable 102% rise in its profit after tax for the 2024 financial year, recording ₦43.68 billion, up from ₦21.58 billion in 2023. The company released its audited full-year results for the year ended December 31, 2024, highlighting strong gains across earnings, operational efficiency, and asset quality.
According to the report, gross earnings surged to ₦337.19 billion, representing a significant increase from ₦221.77 billion recorded the previous year. The growth was largely attributed to a rise in interest income, non-interest revenue, and careful cost control measures. Earnings per share more than doubled to 151 Kobo, reflecting the improved profitability.
The Group Chief Executive of Sterling, Mr. Yemi Odubiyi, attributed the impressive performance to the company’s deliberate investment strategy focused on impactful sectors like agriculture, healthcare, trade, and renewable energy. “Our 2024 performance reflects the depth of our commitment to purposeful growth. By deliberately channeling capital into sectors that drive real economic value, we are not only achieving strong financial outcomes but also delivering lasting impact,” said Odubiyi.
Customer deposits across Sterling’s subsidiaries rose by 36.7% to ₦2.52 trillion, signalling improved investor and customer confidence. This deposit growth provided the foundation for the group’s lending expansion and improved balance sheet strength. Notably, impairment charges on loans dropped by 12.6% to ₦10.78 billion, pointing to improved credit risk management and better asset quality.
Net interest income jumped by 62% to ₦134.81 billion in 2024, while fee and commission income rose to ₦44.30 billion. The group also recorded a 30% increase in net fees and commissions, which reached ₦33.93 billion, supported by higher transaction volumes and strong performance in digital banking services.
Odubiyi noted that Sterling’s diversified earnings helped cushion the impact of interest rate fluctuations, leading to a healthier cost-to-income ratio and improved return on equity. “We remain focused on delivering innovation-led banking, strengthening our core, and deepening our contribution to the communities and markets we serve,” he said.
Sterling’s corporate social investments during the year were also highlighted. In partnership with the Lagos State Government, the group launched the Ilera Eko healthcare booths to provide basic health services and financial inclusion to underserved communities in Lagos. The company also expanded its financing for solar energy systems and mini-grid projects targeting homes and small businesses, aimed at improving access to reliable power across the country.
Educational and entrepreneurial support initiatives were scaled up through the Sterling One Foundation, further strengthening the bank’s social impact footprint. For its efforts in governance, sustainability, and impact-driven banking, the company received recognitions from top institutions, including the International Finance Corporation (IFC) and the Nigerian Exchange Group (NGX).
To reward shareholders, Sterling has proposed a dividend of 18 Kobo per share for the 2024 financial year, subject to approval at the upcoming Annual General Meeting. The group described the proposed dividend as a reflection of its disciplined capital management and commitment to creating value for shareholders.
The company’s strong results come despite macroeconomic headwinds in Nigeria’s financial sector, with Odubiyi emphasizing Sterling’s strategy of innovation-led financial services and inclusive growth. He affirmed that the group would continue to evolve into a more agile and inclusive financial ecosystem, driven by customer trust, strategic partnerships, and sustainable investments.
With a stronger balance sheet, diversified revenue streams, and expanding social initiatives, Sterling Financial Holdings appears to be positioning itself for continued growth and relevance in Nigeria’s competitive financial services landscape.
