Sterling Financial Holdings Company Plc (SFHC or “the Group”) has announced its audited financial results for the year ended 31 December 2024, delivering a strong performance characterised by substantial earnings growth, a strengthened balance sheet, and a return to dividend distribution.
The Group recorded a profit after tax (PAT) of ₦43.68 billion, a 102 percent increase compared to the ₦21.58 billion posted in 2023. Earnings per share more than doubled to 151 Kobo, reflecting the Group’s strategic focus and consistent creation of value for shareholders.
Gross earnings rose sharply to ₦337.19 billion from ₦221.77 billion in the previous year, buoyed by increased interest income, stronger non-interest revenue, and careful cost management.
Customer deposits across SFHC’s subsidiaries rose by 36.7 percent to ₦2.52 trillion, providing ample liquidity to support the Group’s expanding lending activities. Despite the growth in its loan book, asset quality improved, with impairment charges on loans declining by 12.6 percent to ₦10.78 billion.
Between March and June 2025, Sterling ranked among the most actively traded stocks on the Nigerian Exchange (NGX), signalling investor confidence in the Group’s long-term strategy and growth trajectory.
Commenting on the results, Group Chief Executive Yemi Odubiyi stated that the performance reflects the effective delivery of the Group’s long-term strategic plan, particularly in key sectors vital to Nigeria’s economic resilience.
“Our 2024 results mirror our dedication to purposeful growth. By intentionally investing in sectors that create real economic value such as agriculture, trade, healthcare, and renewable energy, we are not only securing strong financial outcomes but also delivering long-term impact,” he said.
He noted that the expansion of the Group’s assets, loan portfolio, and earnings speaks to the trust earned from customers and partners. “As a Group, we are proud to see our subsidiaries gaining traction, our sustainability goals materialising, and our continued transformation into a more agile and inclusive financial ecosystem.”
Odubiyi reaffirmed SFHC’s commitment to innovation-driven banking and increasing its contributions to the communities and markets it serves.
The Group’s drive to grow a diversified income base also paid off. Net interest income rose by 62 percent to ₦134.81 billion, while fee and commission income reached ₦44.30 billion. Net fees and commissions alone grew by 30 percent to ₦33.93 billion, boosted by higher transaction volumes, trade finance, and digital banking revenue.
This income diversification provided a buffer against interest rate fluctuations and contributed to a more resilient earnings structure. The result was a stronger return on equity and a marked improvement in the Group’s cost-to-income ratio, reflecting greater operational efficiency.
Beyond its financial performance, SFHC deepened its impact through key investments in renewable energy, healthcare, and grassroots development. In 2024, the Group partnered with the Lagos State Government to roll out the Ilera Eko healthcare booths, delivering affordable and accessible medical care to underserved communities.
These booths combined basic healthcare with financial inclusion, offering vulnerable populations access to both medical services and entry-level banking.
The Group also increased its financing of solar energy installations and mini-grid solutions, helping households and small businesses shift to sustainable power sources and reduce dependence on fossil fuels.
Through the Sterling One Foundation, its social impact arm, SFHC continued to support education and entrepreneurship, reaching thousands of young Nigerians. The initiatives focused on building financial literacy, offering business support, and empowering women and youth, particularly in underserved areas.
These community-focused efforts earned the Group commendations from institutions such as the International Finance Corporation (IFC) and the Nigerian Exchange for excellence in corporate governance and social responsibility.
As part of its commitment to delivering value to shareholders, the Group has proposed a dividend of 18 Kobo per share for the 2024 financial year. The proposed payout, which awaits approval at the forthcoming Annual General Meeting, reflects the Group’s prudent capital allocation strategy and its goal of balancing reinvestment for growth with direct returns to shareholders.