Sterling Financial grows H1 revenue by 31%

Sterling Financial Holdings Company Plc has reported strong financial performance for the first half of 2026, with gross earnings rising by 31.5 per cent to N279.6 billion, driven by higher interest income, loan growth and improved returns on assets.

The group disclosed this in its unaudited financial results for the six months ended June 30, 2026, highlighting growth across its major performance indicators.

Interest income increased by 33.7 per cent to N223.6 billion as the company expanded its loan portfolio and benefited from improved asset yields. Net interest income also grew by 41 per cent to N137.4 billion, while non-interest income climbed 23.3 per cent to N56 billion, supported by higher earnings from fees and other operating activities.

Sterling Financial also recorded significant balance sheet growth during the period. Total assets rose by 19.3 per cent to N4.67 trillion, underpinned by a 21.1 per cent increase in customer deposits, which reached N3.62 trillion, alongside measured growth in its lending operations.

Profit before tax advanced by 21.9 per cent to N55.5 billion, while profit after tax grew by 20.4 per cent to N50.3 billion, reflecting sustained earnings momentum.

The group’s return on average equity stood at 20.6 per cent, while return on average assets improved to 2.35 per cent, up from 2.05 per cent recorded in the corresponding period of 2025.

Shareholders’ funds expanded by 27.8 per cent to N547.7 billion, largely driven by the successful public offer through which the company raised N96.6 billion from the issuance of 13.8 billion ordinary shares.

Sterling Financial also noted that its share price has gained more than 15 per cent since the start of the year, reflecting growing investor confidence ahead of the release of its half-year financial results.