Sterling Financial Holdings Company Plc has recorded a 102 per cent surge in profit after tax for the 2024 financial year, with earnings climbing to ₦43.68 billion—more than double the ₦21.58 billion reported in 2023.

The company disclosed the development in its audited financial results for the year ended December 31, 2024, released on Sunday. The results highlighted notable improvements across earnings, asset quality, and operational efficiency.

Gross earnings rose by over 52 per cent to ₦337.19 billion, up from ₦221.77 billion in the previous year. This performance was attributed to strong growth in interest and non-interest income, as well as effective cost management. Earnings per share also more than doubled to 151 kobo.

Customer deposits across Sterling’s subsidiaries grew by 36.7 per cent, reaching ₦2.52 trillion. At the same time, impairment charges on loans dropped by 12.6 per cent to ₦10.78 billion, indicating improved credit performance.

Group Chief Executive Officer, Mr. Yemi Odubiyi, described the performance as evidence of the company’s strategic focus on sectors vital to Nigeria’s long-term development.

“Our 2024 performance reflects the depth of our commitment to purposeful growth,” he said. “By deliberately channeling capital into sectors like agriculture, trade, healthcare, and renewable energy, we are not only achieving strong financial outcomes but also delivering lasting impact.”

He added that growth in assets, the loan book, and earnings showed rising trust from customers and partners, while the group’s subsidiaries continued to gain momentum.

Sterling’s net interest income jumped by 62 per cent to ₦134.81 billion. Fee and commission income rose to ₦44.30 billion, with net fees and commissions increasing by 30 per cent to ₦33.93 billion—largely due to growth in transaction volumes and digital banking services.

Odubiyi noted that the diversification of income streams had provided a cushion against interest rate volatility and led to improvements in cost efficiency and return on equity.

The group also underscored its social impact, highlighting partnerships such as the launch of Ilera Eko healthcare booths with the Lagos State Government to provide health services and financial access to underserved communities.

In 2024, Sterling expanded financing for solar power and mini-grid energy solutions, and supported educational and entrepreneurial programmes through the Sterling One Foundation.

The company noted that it received recognition from institutions such as the International Finance Corporation and the Nigerian Exchange for its governance and impact efforts.

Sterling has proposed a dividend of 18 kobo per share for the 2024 financial year, subject to shareholder approval at its upcoming Annual General Meeting. The group said the proposal reflects its commitment to delivering value and maintaining disciplined capital management.