Sterling Financial Holdings Company Plc has announced a 102 per cent increase in profit after tax for the 2024 financial year, with earnings rising to ₦43.68bn from ₦21.58bn in 2023.

The company disclosed this in its audited full-year financial results for the year ended December 31, 2024, released on Sunday.

The results showed significant improvements in earnings, asset quality, and operational efficiency.

Gross earnings rose to ₦337.19bn, up from ₦221.77bn recorded in 2023, largely driven by growth in interest income, non-interest revenue, and disciplined cost control. Earnings per share more than doubled to 151 Kobo.

Customer deposits across subsidiaries also grew by 36.7 per cent to ₦2.52tn, reflecting improved investor confidence and supporting the group’s lending expansion.

Despite the growth, impairment charges on loans fell by 12.6 per cent to ₦10.78bn.

Commenting on the performance, Group Chief Executive, Mr. Yemi Odubiyi, said the results underscored the company’s strategic focus on sectors that contribute to Nigeria’s long-term development.

“Our 2024 performance reflects the depth of our commitment to purposeful growth.

“By deliberately channeling capital into sectors that drive real economic value like agriculture, trade, healthcare, and renewable energy, we are not only achieving strong financial outcomes but also delivering lasting impact,” Odubiyi said.

According to him, the growth in assets, loan book, and earnings “is a testament to the trust we’ve earned from our customers and partners.”

He added, “As a Group, we are proud to see our subsidiaries gain momentum, our sustainability initiatives come to life, even as we continue evolving into a more agile and inclusive financial ecosystem.”

Sterling’s net interest income increased by 62 per cent to ₦134.81bn, while fee and commission income rose to ₦44.30bn.

Net fees and commissions climbed by 30 per cent to ₦33.93bn, driven by increased transaction volumes and digital banking services.

Odubiyi noted that the diversified earnings provided a buffer against interest rate volatility and contributed to improvements in the cost-to-income ratio and return on equity.

“We remain focused on delivering innovation-led banking, strengthening our core, and deepening our contribution to the communities and markets we serve,” he said.

The group also highlighted its corporate social investments during the year.

It was learnt that in partnership with the Lagos State Government, Sterling launched the Ilera Eko healthcare booths to deliver basic health services and financial inclusion to underserved communities.

The company said it also expanded financing for solar power systems and mini-grid energy solutions for homes and small businesses, while supporting educational and entrepreneurial initiatives through the Sterling One Foundation.

In recognition of its corporate governance and impact initiatives, Sterling said it received accolades from institutions including the International Finance Corporation and the Nigerian Exchange.

SFHC has proposed a dividend of 18 Kobo per share for the 2024 financial year, subject to approval at its next Annual General Meeting.

The group described the dividend proposal as a reflection of its commitment to shareholder value and disciplined capital management.