Sterling Financial Holdings Company Plc sustained its earnings momentum in the first half of 2026, posting double-digit growth across major performance indicators as rising interest income, increased lending activity and stronger capitalisation boosted profitability.
The financial services holding company reported a 20.4 percent increase in profit after tax (PAT) to N50.3 billion for the six months ended June 30, 2026, while profit before tax (PBT) rose 21.9 percent to N55.5 billion, reflecting improved earnings quality and continued momentum across its banking, non-interest banking and wealth management businesses.
The results also showed gross earnings climbed 31.5 percent to N279.6 billion, driven primarily by an increase in interest income as the Group continued to expand lending and benefit from higher asset yields in Nigeria’s elevated interest rate environment.
Interest income rose 33.7 percent year-on-year to N223.6 billion, while net interest income advanced 41 percent to N137.4 billion, underscoring improved asset pricing and a stronger contribution from the Group’s core banking operations.
Non-interest income also remained resilient, increasing 23.3 percent to N56 billion, supported by higher fee-based earnings and growth across other operating income streams, reflecting Sterling Financial’s ongoing efforts to diversify its revenue base beyond traditional lending activities.
The group also recorded significant balance-sheet expansion during the period.
Total assets increased 19.3 percent to N4.67 trillion, while customer deposits rose 21.1 percent to N3.62 trillion, highlighting growing customer confidence and an expanding funding base that positions the institution to support increased lending to businesses and households.
Shareholders’ funds strengthened by 27.8 percent to N547.7 billion, largely reflecting the successful N96.6 billion public offer, through which the company issued 13.8 billion ordinary shares to investors.
The stronger capital position provides Sterling Financial with greater financial flexibility to support future business expansion, meet regulatory capital requirements and pursue new growth opportunities across its diversified financial services platform.
Investor confidence also improved during the period, with the company’s share price appreciating by more than 15 percent from the beginning of the year ahead of the earnings announcement, signalling positive market sentiment towards the group’s capital raising programme and earnings outlook.
Basic earnings per share stood at 77 kobo, reflecting the enlarged share capital following the successful public offer.
Sterling Financial said its performance was supported by continued investment in technology and operating efficiency across its commercial banking subsidiary, Sterling Bank, non-interest banking business, AltBank, and wealth management arm, SterlingFI.
The group noted that the ongoing modernisation of its technology infrastructure and operating model has resulted in faster service delivery, improved operating efficiency and greater capacity to accommodate rising customer volumes while maintaining prudent risk management standards.
The stronger capital base, expanding deposit franchise and increasingly diversified earnings profile leave Sterling Financial well positioned to sustain growth through the second half of the year, with management indicating that the group will continue deploying capital into high-yield opportunities while supporting lending to productive sectors of the Nigerian economy.
