Sterling Financial Holdings Company Plc reported a pre-tax profit of N97.28 billion in its unaudited financial results for the nine months ended 30 September 2026, representing an increase of 37.09% from N70.96 billion recorded in the corresponding period of 2025.
The growth in profitability was supported by a 33.15% increase in gross earnings to N454.94 billion from N341.67 billion, driven largely by stronger interest income and other operating income.
Consequently, profit after tax increased by 20.99% to N75.37 billion from N62.30 billion, although earnings per share declined by 11.47% to N11.35 from N12.82, based on figures restated for the company’s share reconstruction.
Sterling’s nine-month performance was driven mainly by stronger interest earnings, reflecting continued growth in its income-generating activities.
Interest income increased by 34.82% to N353.78 billion, accounting for 77.76% of the group’s gross earnings of N454.94 billion.
Funding costs also increased, although at a slower rate than interest income.
Performance across non-interest income was mixed. Net fees and commission income increased by 10.44% to N39.63 billion from N35.88 billion, driven by growth in other fees and commissions, facility management fees and electronic banking income.
Another non-interest income; net trading income declined by 6.47% to N21.30 billion from N22.78 billion.
Credit impairment remained one of the biggest pressures on profitability.
This indicates that a larger portion of operating income was absorbed by provisions for potential credit losses.
Despite these pressures, operating income increased by 38.13% to N307.06 billion, helping the group deliver higher pre-tax earnings.
Sterling’s balance sheet expanded significantly during the nine-month period. Total assets increased to N5.10 trillion from N3.91 trillion in December 2025, driven by customer deposits.
The deposit balance was more than twice the size of the customer loan portfolio, highlighting the scale of deposit funding relative to lending activities.
Total equity increased by 38.83% to N595.16 billion, supported by retained earnings and proceeds from the group’s public offering.
On asset quality, the group’s non-performing loan ratio stood at 4.6%, compared with 4.7% in December 2025.
Sterling Financial Holdings’ share price gained 1.32% on 28 October 2026, closing at N77.00 from N76.00 in the previous trading session, following the approval of its unaudited nine-month financial results on 27 October 2026.
Trading activity also increased significantly, with 3.80 million shares exchanged on 28 October, compared with 487,524 shares in the previous session.
The stock had closed unchanged at N76.00 on 27 October, after declining by 0.65% on 26 October 2026.
