Sterling Financial Holdings Company Plc grew its profit after tax by 20.4 per cent in the first half of 2026 to N50.3 billion, as stronger interest income, higher customer deposits and balance sheet expansion lifted its overall performance.

The group’s unaudited results for the six months ended June 30, 2026, also showed that profit before tax rose by 21.9 per cent to N55.5 billion from the corresponding period of 2025, while total assets increased by 19.3 per cent to N4.67 trillion, bringing its balance sheet close to the N5 trillion mark.

Gross earnings climbed by 31.5 per cent to N279.6 billion during the period, driven largely by a 33.7 per cent increase in interest income to N223.6 billion as the loan portfolio expanded and asset yields improved.

The lender also recorded a 41 per cent rise in net interest income to N137.4 billion, while non-interest income grew by 23.3 per cent to N56 billion, supported by higher fee income and other operating income.

Its balance sheet was further strengthened by a 21.1 per cent increase in customer deposits to N3.62 trillion, alongside what the group described as disciplined growth in its loan portfolio.

The results also showed improvements in key profitability indicators, with return on average equity standing at 20.6 per cent, while return on average assets improved to 2.35 per cent from 2.05 per cent recorded in the corresponding period.

Shareholders’ funds rose by 27.8 per cent to N547.7 billion, reflecting the N96.6 billion raised through a public offer of 13.8 billion ordinary shares. The company also said its share price appreciated by more than 15 per cent from its opening level for the year, which it attributed to renewed investor interest ahead of the release of its half-year results.

Basic earnings per share stood at 77 kobo, reflecting the enlarged share base following the public offer.

Sterling Financial said the performance was underpinned by the continued modernisation of its technology platform and operating model across Sterling Bank, The Alternative Bank and SterlingFI Wealth Management.

According to the group, the upgrades have translated into faster service delivery, improved operating efficiency and greater capacity to support growing customer activity while maintaining its risk management standards.

It added that its stronger capital position, expanding deposit base and broader earnings mix have placed the group in a stronger position to sustain growth in the second half of the year.

“The combination of a reinforced capital base, expanding deposit franchise, and broader earnings mix leaves Sterling Financial positioned to compound growth in the second half of the year, channelling capital where it earns most and continuing to lend into the real economy,” the company said.