Sterling Financial Holdings Reports 20.4% Profit Growth

Sterling Financial Holdings Company Plc announced a profit after tax of N50.30bn for the six months ending 30 June 2026, marking a 20.4% increase from N41.78bn in the same period of 2025. Profit before tax also rose by 21.9% to N55.53bn, with gross earnings climbing 31.5% to N279.6bn.

However, the company faced a sharp increase in credit impairment charges, which surged to N23.85bn from N5.21bn a year earlier, reflecting a 358% rise. This increase was attributed to the costs associated with supporting an expanding loan portfolio, while the non-performing loan ratio remained stable at 4.7%.

Interest income grew by 33.8% to N223.58bn, driven by increased loans and investment securities. Net interest income rose by 41% to N137.39bn, despite a 23.6% rise in interest expenses.

Customer deposits increased by 21.1% to N3.62tn, and loans and advances rose by 13.7% to N1.61tn. Total assets grew by 19.3% to N4.67tn, with shareholders’ funds increasing by nearly 28% due to a successful rights issue.