Sterling HoldCo grows H1 profit by 157%

…says set for public offer

Sterling Financial Holdings Company Plc has reported a 157 percent year-on-year (YoY) surge in profit-after-tax (PAT) in its unaudited results for the half-year (H1) ended June 30, 2025.

The company demonstrated continued momentum in revenue growth, operational efficiency, and capital position.

The group’s PAT reached N41.78 billion, up from N16.26 billion in the same period last year. Earnings per share rose significantly to 89 Kobo from 56 Kobo, reflecting a consistent increment in value to shareholders.

Gross earnings climbed by 39.7 percent to N212.61 billion, compared to N152.20 billion for H1 2024, while interest income rose by 38.3 percent to N167.16 billion, and non-interest income increased by 45 percent to N45.45 billion, attesting to the Group’s strategic focus on revenue diversification.

Additionally, the group’s cost-to-income ratio improved to 64.5 percent from 75.7 percent, underscoring the benefits of ongoing cost optimisation measures.

Total assets stood at N4.08 trillion at the end of June, representing a 15.3 percent increase from N3.54 trillion in December 2024.

Shareholders’ funds were up 22.9 percent for the period, reflecting the impact of recent recapitalisation and healthy retained earnings. Asset quality also improved, with the non-performing loan ratio declining to 5.1 percent from 5.4 percent at the close of the 2024 financial year.

The Group’s strong showing in the first half of the year followed a successful private placement and rights issue, through which approximately N100 billion was raised.

The proceeds enabled the full recapitalisation of Alternative Bank and further strengthened the capital base of Sterling Bank, the Group’s flagship subsidiary.

The Group is set to enter the public phase of its capital raising programme in the coming weeks, aiming to close the N53 billion recapitalisation gap of Sterling Bank and further strengthen the institution’s capacity for sustained growth across its diversified income streams.

This public offer is the first phase of the $400 million capital raising programme approved by Sterling Holdco’s shareholders at its Annual General Meeting which held on June 30, 2025.

Commenting on the Group’s feat and long-term vision, Yemi Odubiyi, Group Chief Executive Officer, Sterling Financial Holdings Company, said: “Our outstanding half-year results are the product of clear strategic focus and a relentless drive to create lasting value for our stakeholders. Our performance reflects not just robust growth in core income lines, but also our success in building a resilient and agile business model, capable of delivering superior returns even in a dynamic macroeconomic environment.

“As we continue to diversify our income streams and invest in operational efficiency, we remain steadfast in our commitment to responsible growth, prudent risk management, and sustainable impact.

“Looking ahead to the next phase of our capital programme, we see tremendous opportunity to deepen our footprint in Nigeria’s growth sectors and to catalyse meaningful progress for our customers, communities, and the broader economy,” Odubiyi said.