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.