Sterling Financial profit jumps 89% as assets cross N4tn

Sterling Financial Holdings Company Plc posted a strong earnings performance for the 2025 financial year and sustained the momentum into the first quarter of 2026, with total assets crossing the N4 trillion mark for the first time amid an aggressive expansion drive across its banking and wealth management businesses.

The financial services group reported an 89.2 percent increase in profit before tax to N86.8 billion for the year ended December 31, 2025, compared to the previous year, while profit after tax rose by 74.8 percent to N76.3 billion.

Gross earnings climbed by 44.4 percent to N486.8 billion, underscoring what the company described as the strongest performance in its modern history.

The Group’s balance sheet also recorded significant expansion during the period, with total assets rising to N3.91 trillion, customer deposits increasing to N2.98 trillion, and loans and advances closing at N1.41 trillion. Shareholders’ funds rose by 40.5 percent to N428.7 billion.

Momentum persisted into the first quarter of 2026 as total assets crossed the N4 trillion threshold to N4.07 trillion, driven by sustained growth in lending and customer deposits.

Gross earnings for Q1 2026 rose by 41.6 percent year-on-year to N134.8 billion, while net interest income increased by 36.8 percent to N64.9 billion.

Operating income stood at N93.4 billion during the quarter, with profit before tax growing by 52.8 percent to N27.9 billion and profit after tax rising to 23.4 billion.

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The Group also strengthened its capital position following the successful completion of its recapitalisation programme, with shareholders’ funds increasing to N542.5 billion in the first quarter.

Commenting on the performance, Yemi Odubiyi, Group Managing Director of Sterling Financial Holdings Company Plc, said the results reflected continued growth across the Group’s core businesses.

“Our FY2025 and Q1 2026 results reflect continued growth across the Group’s core businesses, supported by disciplined execution, improved operating efficiency, and a strengthened capital position,” he said.

According to him, the recapitalisation exercise has positioned the Group for its next phase of growth across commercial banking, non-interest banking and wealth management operations.

The results reinforce the growing competitive position of Sterling Financial within Nigeria’s financial services sector, particularly as the Group deepens its footprint through Sterling Bank Plc, The Alternative Bank and its expanding wealth management business.

The performance also comes at a time when Nigerian banks are racing to strengthen capital buffers ahead of tighter regulatory requirements and rising competition in the financial services industry.

With stronger capital, expanding operating capacity and rising earnings momentum, Sterling Financial enters the remainder of 2026 with expectations of sustained growth across its diversified banking platform.