Sterling Financial Holdings Company Plc (SFHC) has reported a 102% increase in profit after tax for the 2024 financial year, reaching ₦43.68 billion, compared to ₦21.58 billion recorded in 2023.

The Group’s audited results, released at the weekend, reflect strong earnings growth, improved asset quality, and renewed shareholder payouts, marking a return to dividend declarations with a proposed payout of 18 Kobo per share.

Gross earnings for the period stood at ₦337.19 billion, a sharp rise from ₦221.77 billion the previous year. The growth was driven by higher interest income, increased non-interest revenue, and tight cost management across its banking subsidiaries.

Customer deposits rose by 36.7% to ₦2.52 trillion, providing a strong liquidity base. Notably, impairment charges on loans fell by 12.6% to ₦10.78 billion, signalling stronger credit quality and more prudent risk assessment.

The Group’s shares were among the most actively traded on the Nigerian Exchange (NGX) between March and June 2025, a sign of growing investor confidence.

Group Chief Executive, Mr. Yemi Odubiyi, described the results as a reflection of SFHC’s focus on strategic sectors, including agriculture, trade, healthcare, and renewable energy.

“Our 2024 performance reflects the depth of our commitment to purposeful growth. We are not only achieving strong financial outcomes but also delivering lasting impact,” Odubiyi said.

“The growth in our assets, loan book and earnings affirms the trust reposed in us by customers and partners alike. As our subsidiaries gain momentum, our sustainability and inclusion efforts are coming to life.”

Net interest income climbed by 62% to ₦134.81 billion. Fee and commission income grew by 30% to ₦33.93 billion, buoyed by increased transaction volumes and gains from digital banking.

This revenue mix helped cushion the impact of interest rate volatility and improved operational efficiency, as reflected in the Group’s improved cost-to-income ratio and enhanced return on equity.

The Group also deepened its footprint in sustainable development. It partnered with the Lagos State Government to roll out Ilera Eko health booths, a hybrid of basic healthcare delivery and entry-level banking services for underserved communities.

In the renewable energy space, SFHC expanded financing for solar mini-grids and household systems, supporting Nigeria’s energy transition and reducing dependence on fossil fuels.

Social impact efforts through the Sterling One Foundation included financial literacy programmes, entrepreneurship support, and youth empowerment schemes, especially targeting women and rural communities.

The Group received commendations from the International Finance Corporation (IFC) and the NGX for its work in corporate governance and social responsibility.

The Board has proposed a final dividend of 18 Kobo per share, subject to shareholder approval at the forthcoming Annual General Meeting. This marks a return to dividend payments after a period of internal restructuring and capital consolidation.

Sterling Financial Holdings was created as a non-operating financial holding company in line with regulatory directives, allowing it to oversee subsidiaries spanning commercial banking, digital banking, and fintech.

The Group says it remains focused on building an agile, inclusive, and sustainable financial services ecosystem.