Sterling Financial Holdings Company Plc reported a profit after tax of N43.68 billion for the full year ended December 31, 2024. This is more than double the N21.58 billion recorded in the previous year.
According to the audited financial statement released to the Nigerian Exchange, the group’s gross earnings rose by 52 percent to N337.19 billion, up from N221.77 billion in 2023. The growth was largely driven by higher interest income and non-interest revenue, as well as lower impairment charges, which declined by 12.6 percent to N10.78 billion.
Net interest income increased by 62 percent to N134.81 billion, while fee and commission income rose to N44.3 billion. The company’s earnings per share also rose to 151 Kobo from 75 Kobo in 2023.
Sterling’s total customer deposits grew by 36.7 percent to N2.52 trillion, giving the group liquidity to expand its loan book. Despite the growth in lending, the firm reported an improvement in asset quality.
The group’s cost-to-income ratio declined, reflecting improved operational efficiency. Sterling’s shares were among the most actively traded stocks on the NGX between March and June 2025.
For the 2024 financial year, the group has proposed a dividend payout of 18 Kobo per share, subject to approval at its forthcoming annual general meeting. This marks a total dividend payout of N9.38 billion and a payout ratio of 21.5 percent, one of the highest in the banking space.
Yemi Odubiyi, the Group CEO of Sterling Holdco noted that the performance was driven by strategic investments in key sectors like agriculture, healthcare, and renewable energy. He highlighted rising assets, loan growth, and subsidiary momentum as signs of customer trust.
In addition to its financial performance, the company reported investments in renewable energy, public health, and community development. Through its Sterling One Foundation, it supported initiatives in education, entrepreneurship, and financial literacy, particularly for women and youth. The group also partnered with the Lagos State Government to deliver basic healthcare services through the Ilera Eko initiative.
