Sterling Financial Holdings Company Plc recorded a 20.4 per cent increase in profit after tax to N50.3 billion in the first half of 2026, supported by strong growth in lending, customer deposits and interest income.
The unaudited results released by the company on Wednesday showed that profit after tax rose from the corresponding period of 2025, while profit before tax increased by 21.9 per cent to N55.5 billion.
Gross earnings also grew significantly, rising by 31.5 per cent to N279.6 billion during the six-month period ended June 30, 2026.
The growth was driven largely by a 33.7 per cent increase in interest income to N223.6 billion, supported by the expansion of the group’s loan portfolio and improved asset yields.
Net interest income increased by 41 per cent to N137.4 billion, while non-interest income rose by 23.3 per cent to N56 billion, driven by higher fee income and other operating revenue streams.
Sterling Financial’s balance sheet also expanded during the period, with total assets increasing by 19.3 per cent to N4.67 trillion, bringing the group closer to the N5 trillion milestone.
Customer deposits rose by 21.1 per cent to N3.62 trillion, reflecting stronger customer confidence and providing additional funding capacity for lending to businesses and households.
The group’s shareholders’ funds increased by 27.8 per cent to N547.7 billion following its successful public offer of 13.8 billion ordinary shares, which raised N96.6 billion.
The stronger capital position is expected to provide Sterling Financial with additional capacity to expand its operations and pursue future growth opportunities.
Investor confidence also improved during the period, with the company’s share price appreciating by more than 15 per cent since the beginning of the year.
Basic earnings per share stood at 77 kobo following the enlarged share capital resulting from the public offer.
Sterling Financial attributed the strong 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 group said its technology investments are delivering improved service delivery, greater operational efficiency and stronger capacity to accommodate rising customer transactions while maintaining prudent risk management.
The company said its stronger capital base, expanding deposit franchise and more diversified earnings mix position the group for sustained growth in the second half of 2026.
“The combination of a reinforced capital base, expanding deposit franchise, and broader earnings mix leaves Sterling Financial positioned to compound growth in the second half of the year, channelling capital where it earns most and continuing to lend into the real economy,” the company stated.
Sterling Financial Holdings Company Plc is a Nigerian financial services group with interests spanning commercial banking through Sterling Bank, non-interest banking through The Alternative Bank and wealth management through SterlingFI Wealth Management.
The group said it remains focused on financial innovation, expanding financial inclusion and delivering sustainable value to customers, shareholders and the wider economy.
