Sterling Financial Holdings Company Plc (SFHC) has unveiled its audited full-year results for 2024, showcasing a remarkable 102% surge in profit after tax (PAT) to N43.68 billion. This stellar performance, up from N21.58 billion in 2023, underscores the Group’s strategic resilience and commitment to delivering shareholder value.
Gross earnings climbed to N337.19 billion, a significant increase from N221.77 billion in 2023, fueled by robust interest income, enhanced non-interest revenue, and disciplined cost management. Earnings per share more than doubled to 151 Kobo, reflecting SFHC’s ability to drive sustainable financial growth amidst Nigeria’s dynamic economic landscape.
Customer deposits grew by an impressive 36.7% to N2.52 trillion, providing substantial liquidity to support expanded lending activities. Meanwhile, asset quality improved, with loan impairment charges dropping by 12.6% to N10.78 billion, highlighting SFHC’s prudent risk management and operational efficiency.
Net interest income surged by 62% to N134.81 billion, while fee and commission income rose to N44.30 billion, bolstered by increased transaction volumes and digital banking fees. This growth in diversified income streams strengthened SFHC’s return on equity and improved its cost-to-income ratio, cementing its position as a leader in Nigeria’s financial services sector.
Yemi Odubiyi, Group Chief Executive of SFHC, attributed the Group’s success to its focus on sectors critical to Nigeria’s economic resilience, such as agriculture, trade, healthcare, and renewable energy. “Our 2024 performance reflects the depth of our commitment to purposeful growth, delivering strong financial outcomes while creating lasting impact,” Odubiyi stated.
SFHC’s subsidiaries demonstrated strong momentum, with sustained investor confidence evident in the Group’s ranking among the most actively traded stocks on the Nigerian Exchange (NGX) from March to June 2025. This performance signals robust market trust in SFHC’s long-term strategy and its ability to navigate economic challenges effectively.
Beyond financial metrics, SFHC deepened its commitment to social impact through initiatives like the Ilera Eko healthcare booths, launched in partnership with the Lagos State Government. These booths integrate affordable medical services with financial inclusion, empowering underserved communities with access to healthcare and entry-level banking.
The Group also scaled up its financing of renewable energy solutions, supporting solar power systems and mini-grids to promote sustainable energy adoption. These efforts align with SFHC’s broader mission to drive Nigeria’s transition to a greener, more inclusive economy while reducing reliance on fossil fuels.
Through its Sterling One Foundation, SFHC championed education and entrepreneurship, delivering financial literacy and business support to thousands of young Nigerians, particularly women and youth in underserved areas. These initiatives earned the Group accolades from the IFC and NGX for excellence in corporate governance and social responsibility.
In a move to reward shareholders, SFHC proposed a dividend of 18 Kobo per share for 2024, pending approval at the upcoming Annual General Meeting. This decision underscores the Group’s disciplined capital management and its commitment to balancing growth investments with tangible returns for investors.
SFHC’s 2024 results highlight its ability to deliver innovation-led banking while strengthening its core operations and community impact. As the Group continues to evolve into a more agile and inclusive financial ecosystem, it remains a pivotal player in Nigeria’s sustainable economic development.
