Sterling Financial Holdings Company Plc has reported a 73 per cent year-on-year increase in its profit after tax, reaching N37.5bn compared to N21.6bn in the previous year.

According to the company’s financial results for the year ended December 31, 2024, the surge in profit was primarily driven by a rise in gross earnings, which increased by 54 per cent from N212.9bn in December 2023 to N328.3bn in December 2024.

The group also saw its profit before tax double, climbing from N22.7bn to N44.8bn, representing a 97 per cent growth. This growth is attributed to revenue generation across its business segments, particularly in interest and other operating income.

Interest income for the period was one of the key drivers of the Group’s performance, rising by 67 per cent from N156.1bn in 2023 to N260.8bn in 2024.



Net interest income also saw a substantial rise, increasing from N83.4bn in 2023 to N132.4bn in 2024.

Sterling’s operating income stood at N199.9bn for the period, up from N140.2bn in 2023, marking a 42 per cent increase.

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In the period under review, net fees and commission income also experienced growth, rising by 24 per cent from N26.1bn in 2023 to N32.4bn in 2024.

The group’s net trading income also saw a decline of 23 per cent, dropping from N20.8bn in 2023 to N16.1bn in 2024. However, this was offset by a 92 per cent increase in other operating income, which rose from N9.9bn in 2023 to N19bn in 2024, driven by gains in asset disposals and other financial activities.

Operating expenses increased in line with the Group’s expansion and business activities. Personnel expenses rose by 36 per cent to N31.3bn, while other operating expenses climbed by 33 per cent to N38.2bn. General administrative expenses also saw a 36 per cent increase to N45.8bn from N33.5bn.

Also, Sterling’s basic and diluted earnings per share rose to 129k in 2024, up from 75k in 2023.

The PUNCH reported that Sterling Financial Holdings Company Plc has projected gross earnings of N121.81bn for the first quarter ending March 31, 2025.

https://punchng.com/sterling-holdco-reports-73-profit/