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

By Pulse Mix

Full story at Pulse NG.

S&P downgrades South Africa's growth forecast for 2025 as economic challenges persist

S&P Global Ratings has downgraded South Africa’s economic growth forecast for 2025 following a subdued gross domestic product (GDP) print in the first quarter.

The South African economy kept its head above water in the first quarter of 2025, expanding by a marginal 0.1% compared with the fourth quarter of 2024.

Six of the 10 industries on the production (supply) side of the economy recorded negative gains, with mining and manufacturing being the biggest drags in the first quarter.

Mining weakened by 4.1%, with platinum group metals the most significant negative contributor. Coal, chromium ore, gold, copper and nickel also disappointed. Iron ore, manganese ore and diamonds recorded gains, but not enough to lift the industry into positive territory.

By Siphelele Dludla.

Full story at IOL

Nigeria’s Q1 GDP data release delayed by over a month — Report

The release of Nigeria’s first-quarter Gross Domestic Product (GDP) report for 2025 has been delayed by 33 days beyond the country’s historical average, according to a new report by Intelpoint, a data and research firm under Techpoint Africa.

Typically, the National Bureau of Statistics (NBS) releases Q1 GDP data around late May, averaging 53 days after the end of March. However, as of June 25, 2025, the report remains unpublished—marking 86 days since the quarter ended. This significant delay has raised eyebrows among analysts and stakeholders who rely on timely economic data to make informed decisions.

Intelpoint, which provides research consultancy services to institutions and businesses, tracked NBS release timelines from 2017 to 2024. In those years, the agency consistently maintained a predictable schedule for the release of quarterly GDP reports. The 2025 deviation is the most prolonged delay observed in nearly a decade.

By Chima Nwokoji

Full story at Tribune Online

Egypt mobile operators invest $2.7 bln in 5G rollout: Minister

Egypt’s four mobile network operators have invested $2.7 billion in 5G spectrum and licenses since 2019, reflecting growing investor confidence in the country’s digital strategy, according to Minister of Communications and Information Technology Amr Talaat.

Speaking at the 5G Technology Forum in Cairo on Monday, Talaat said the telecoms sector had significantly developed over the past decade and called 5G “a qualitative leap” in how people work, live and connect.

The event was organized by public policy firm Moharram & Partners and attended by ambassadors and representatives from the US, European Union (EU), Japan and major tech firms.

By Doaa A.Moneim

Full story at Ahram Org

NSE Hits 3-Year High as Investor Confidence Defies Unrest

Against the backdrop of nationwide protests marking the anniversary of last year’s tax unrest, the Nairobi Securities Exchange delivered a standout performance on Tuesday.

The NSE All-Share Index (NASI) climbed to a three-year high of 148.50, up 0.68%, lifting year-to-date gains past 20%—a strong signal of investor confidence in the face of political tension.

NSE market capitalization rose to KSh 2.34 trillion, up 0.7% daily and 20.26% year-to-date. Both NSE 10 and NSE 25 hit 52-week highs, reflecting strength in large caps.

Turnover dropped 26.1% to KSh 232.7 million, but gainers (28) outpaced decliners (9), signaling underlying momentum.

Foreign investor confidence faltered, with net outflows of KSh 35.53 million reversing the previous day’s inflows. Buys fell 58% to KSh 50.55 million, while sales surged 33.1% to KSh 86.08 million, reflecting a risk-off shift amid political unrest.

By Harry Njuguna

Full story at Kenyan Wall Street

World Bank grants South Africa $1.5B for infrastructure, green energy

A coal truck drives past the Duvha coal-fired power station
near Emalahleni (formerly Witbank) east of
Johannesburg on 17 November 2022.

The World Bank granted South Africa a $1.5 billion loan to upgrade transportation infrastructure and help it transition toward a low-carbon economy, the country's National Treasury said Monday.

Deteriorating rail systems, congested ports, and frequent power outages have hindered vital industries such as mining and automotive manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa's most developed economy.

South African President Cyril Ramaphosa and his coalition government have pledged to tackle corruption and decades of poor management, as well as pursue reforms to help the country emerge from its economic rut and alleviate its extremely high unemployment rate.

By Rédaction Africanews

Full story at African News