Sterling Holdings reports 27% surge in interest income in 2023

Sterling Financial Holdings Company Limited has announced a significant 27 percent rise in its interest income for the fiscal year 2023, as revealed in its latest unaudited financial statement.

The company’s interest income surged to N163.22 billion compared to N128.43 billion in 2022. Concurrently, interest expenses also experienced growth, reaching N72.90 billion from N52.04 billion.

A detailed analysis of the financial statement indicates that fees and commission income witnessed an uptick, reaching N26.32 billion, up from N22.37 billion in the previous year.

Notable items contributing to the fees and commission income include facility management fees totaling N3.76 billion, account maintenance fees amounting to N4.88 billion, commission and similar income reaching N6.14 billion, e-business commission standing at N8.59 billion, commission on letters of credit and off-balance sheet transactions totaling N7.23 billion, and other fees and commission accounting for N4.31 billion.

The remarkable increase in interest income underscores Sterling Financial Holdings Company Limited’s robust performance and strategic financial management amid prevailing market conditions. This positive growth trajectory positions the company for further expansion and solidifies its standing in the financial sector.

The company’s after-tax profit rose to N21.52 billion from N19.29 billion. Other operating income was N11 billion, up from N10.63 billion.

Other operating expenses increased to N30.79 billion from N26.88 billion, on the back of an increase in Asset Management Corporation of Nigeria surcharge amounting to N10.47 billion. Total assets grew to N2.53 trillion from N1.86 trillion.

Total expenses for the year increased by 25.2 percent to N109.24 billion from N87.21 billion. Earnings per share increased to N0.75 kobo from N0.67 kobo. Loans and advances to customers rose to N901.89 from N737.74 billion.

Deposits from customers totalled N1.84 trillion, up from N1.33 trillion. Net cash flows from operating activities increased to N168.18 billion from N76.72 billion.

Net cash flows from/(used in) investing activities recorded a negative of N124.18 billion from a negative of N80.02 billion. Net cash flows from/(used in) financing activities recorded a negative of N9.79 billion from N4.11 billion.

Cash and cash equivalents at the end of the period totalled N391.25 billion from N222.65 billion.