Sterling Holdings reports impressive 27% surge in operating income

Sterling Financial Holding Company has experienced a significant increase in operating income, with a growth of 27 per cent to reach N67.46 billion in the first half of 2023.

This growth can be attributed primarily to the contribution from net fees and commission income.

The latest financial statement from the holding company reveals that net fees and commissions saw a 10.6 percent increase, rising from N10.5 billion in the first half of 2022 to N11.61 billion in the same period of 2023.

This growth in net fees and commissions played a crucial role in driving the overall increase in operating income.

The breakdown of the operating income growth shows that net fees and commission income contributed N11.61 billion, net trading income contributed N7.86 billion, and other operating income contributed N2.86 billion.

These figures highlight the diverse sources of income that have contributed to the company’s overall success.

The significant growth in net fees and commission income suggests that Sterling Financial Holding Company has been successful in generating revenue from its various fee-based services.

This could include services such as account maintenance fees, transaction fees, and other charges levied on customers.Overall, the strong performance of Sterling Financial Holding Company in the first half of 2023 indicates its ability to generate income from multiple sources.

The growth in net fees and commission income, along with contributions from net trading income and other operating income, has propelled the company’s operating income to new heights.

However, this positive financial performance bodes well for the future prospects of the company and its stakeholders.

The holding company saw its net interest income at N45.13 billion in the first half of 2023, a 34 per cent increase from N33.7 billion in the similar period of 2022.

Net interest’s income 34 percent growth to N45.13 billion was as a result of interest income which stood at N76.74 billion and an incurred interest expense of N31.61 billion in the first half of 2023.

Sterling Financial Holding Company’s interest income grew 30 per cent to N76.74 billion from N59.06 billion in the period reviewed