Sterling HoldCo Posts Impressive FY 2024 Results, Doubles Profit YoY

Sterling Financial Holdings Company Plc has recorded an impressive full-year profit after tax of ₦43.68 billion for the financial year ended December 31, 2024. This Sterling 2024 Financial Result represents more than double the ₦21.58 billion it recorded in the previous financial year.

Sterling 2024 FY Results

According to the group’s audited results filed with the Nigerian Exchange (NGX), its gross earnings surged by 52% to ₦337.19 billion, powered by a robust rise in interest and non-interest income. Net interest income also climbed 62% to ₦134.81 billion, while fee and commission income hit ₦44.3 billion.

The bank’s total customer deposits grew by 36.7%, hitting ₦2.52 trillion, a clear indicator of rising customer confidence and the institution’s growing liquidity base. Shareholders’ earnings per share also rose to 151 Kobo from 75 Kobo in 2023, while the board has proposed a dividend of 18 Kobo per share. The bank also paid out ₦9.38 billion in dividends, representing a payout ratio of 21.5%, one of the most generous in Nigeria’s banking sector.

Speaking on the results, Group CEO Yemi Odubiyi attributed the strong showing in the Sterling 2024 Financial Result to strategic bets on sectors like agriculture, healthcare, and renewable energy which are often overlooked by mainstream banking namely.

Investment in Community Development

Through its Sterling One Foundation, Sterling has invested capital into education, entrepreneurship, and financial literacy programs, with a focus on women and youth empowerment. It also collaborated with the Lagos State Government under the Ilera Eko programme to broaden access to primary healthcare. The group’s latest numbers in the Sterling 2024 Financial Result help solidify the bank’s place as one of the most valuable banking stock.