Sterling profits soar, bankers rake in billions
Sterling Financial Holdings Company Plc reported that its net profit more than doubled during the nine months that ended in September, driven by revenue expansion and margin improvements. The banking group posted after-tax earnings of 62.3 billion naira for the period, a 127 percent jump from the prior year, while gross revenue climbed 44.1 percent to 341.7 billion naira. Interest revenue advanced 38.7 percent to 262.4 billion naira as the lending portfolio expanded, and non-interest income surged 65.1 percent to 79.2 billion naira.
Total assets reached 4.09 trillion naira by the end of September, up 15.5 percent from December 2024, while customer deposits grew 14.3 percent to 2.88 trillion naira. Shareholder equity increased 32.9 percent to 405.5 billion naira from 305.2 billion naira at the start of the year. Group Chief Executive Yemi Odubiyi attributed the results to strategic diversification across conventional banking, non-interest operations, and asset management units. He thanked investors for supporting the recent share offering of 12.58 billion ordinary shares and said the company will maintain its focus on technology investments and operational efficiency to deliver consistent returns.
