Sterling Financial Holdings has reported a profit after tax of N16.26 billion for the first half of the year, a 52.3 percent increase compared to N10.68 billion in the same period last year.
According to the unaudited financial statements for June 2024 released to the Nigerian Exchange Limited (NGX), the company’s interest income rose to N120.88 billion from N76.73 billion, marking a 57.5 percent increase on the back of improved yields on loans and advances and increased investment in high-yielding securities.
Interest expenses increased by 100.3 percent to N63.29 billion from N31.61 billion in the prior period and net interest income grew by 27.6 percent, reaching N57.59 billion compared to N45.13 billion in H1 2023.
The increase resulted from growth in interest income, which outpaced the rise in interest expenses.
The company reported net fees and commission income of N15.22 billion, a 31.1 percent increase from N11.61 billion, supported by higher transaction volumes and enhanced digital banking services.
Net trading income rose by 57.5 percent to N12.38 billion from N7.86 billion in H1 2023, attributed to gains in foreign exchange trading and increased client activity in capital markets.
Operating income went up by 31.8 percent to N88.91 billion in H1 2024 from N67.46 billion just as the personnel expenses increased by 39.6 percent to N13.65 billion from N9.77 billion due to staff expansion and salary adjustments.
In the period under review, other operating expenses rose by 28.8 percent to N19.29 billion from N14.98 billion in H1 2023 and credit loss expenses remained relatively stable, increasing slightly by 7.3 percent to N4.47 billion.
Total assets were up by 22.1 percent to N2.64 trillion from N2.16 trillion in H1 2023, underpinned by increased lending activities and higher investment securities.
Total liabilities rose by 18.5 percent to N2.31 trillion from N1.95 trillion in the same period last year, as total equity increased to N330.27 billion, up 42.7 percent.
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