Key points
- Sterling Financial Holdings reported a 20.4% rise in half-year profit after tax to N50.3 billion.
- Gross earnings increased by 31.5% to N279.6 billion, driven by stronger interest and non-interest income.
- Customer deposits grew by 21.1% to N3.62 trillion, while total assets rose to N4.67 trillion.
- Shareholders’ funds climbed 27.8% following a N96.6 billion public share offer.
Main story
Sterling Financial Holdings Company Plc has reported a profit after tax of N50.3 billion for the half-year ended June 30, 2026, representing a 20.4 per cent increase compared with the corresponding period of 2025.
In a statement issued on Wednesday in Lagos, the group said profit before tax rose by 21.9 per cent to N55.5 billion, reflecting sustained growth across its key business segments.
Gross earnings increased by 31.5 per cent to N279.6 billion, supported by stronger income generation across its operations.
Interest income grew by 33.7 per cent to N223.6 billion, driven by loan book expansion and improved asset yields during the review period.
Net interest income rose by 41.0 per cent to N137.4 billion, while non-interest income increased by 23.3 per cent to N56 billion, supported by higher fee-based earnings and increased contributions from other operating income streams.
The company also reported a 19.3 per cent increase in total assets to N4.67 trillion, bringing its balance sheet close to the N5 trillion mark.
Customer deposits rose by 21.1 per cent to N3.62 trillion, underscoring continued confidence in the group’s banking and financial services businesses.
Shareholders’ funds increased by 27.8 per cent to N547.7 billion, largely supported by the N96.6 billion raised through a public share offer involving the issuance of 13.8 billion ordinary shares.
Sterling Financial said its return on average equity stood at 20.6 per cent during the period, while return on average assets improved to 2.35 per cent from 2.05 per cent recorded in the corresponding period of 2025.
The company noted that its share price had appreciated by more than 15 per cent since the beginning of the year, reflecting growing investor confidence ahead of the release of its half-year financial results.
It attributed the performance to the continued modernisation of its technology infrastructure and operating model across its subsidiaries, including Sterling Bank, The Alternative Bank and SterlingFI Wealth Management.
“The stronger capital base, growing deposit franchise and diversified earnings position us for sustained growth in the second half,” the company said.
It added that the improved financial position would support increased lending to the real sector and contribute to broader economic development.
The issues
The results highlight continued resilience in Nigeria’s banking sector, with stronger earnings, capital raising and deposit growth positioning lenders to expand credit despite a challenging operating environment.
What’s being said
“The stronger capital base, growing deposit franchise and diversified earnings position us for sustained growth in the second half.” — Sterling Financial Holdings Company Plc.
Bottom line
Sterling Financial delivered double-digit growth in earnings, assets and deposits during the first half of 2026, strengthening its balance sheet and positioning the group to support further lending and expansion in the second half of the year.
