Kayode Tokede
Sterling Financial Holdings Company Plc, yesterday declared N43.68 billion profit after tax in the 2024 audited financial year ended December 31, 2024, about 102.4 per cent growth from N21.58billion profit after tax reported in the full year ended December 31, 2023.
The lender on the Nigerian Exchange Limited (NGX) announced N45.86billion profit before tax in 2024FY, about 102.1 per cent growth from N22.69billion in 2023FY.
On impressive profit, the management of Sterling Financial Holdings Company is rewarding shareholders with a final Dividend of 18 kobo per ordinary share of 50 kobo each.
From the profit & loss figures, the bank posted N337.2 billion gross earnings in 2024, up by 52 per cent from N221.77billion reported in 2023FY.
The Group closed 2024 with a total assets of N3.5 trillion, representing an increase of nearly 40 per cent from N2.53 trillion declared in 2023FY.
The growth in total assets was driven by N2.52 trillion customers deposits from customers in 2024, a growth oof 37 per cent from N1.84 trillion in 2023, while loans from customers increased to N1.1 trillion in 2024, about 23 per cent growth from N895.8 billion reported in 2023.
The Bank in a statement signed by its company secretary, Adeyoola Temple said it would seek shareholders approval to raise up to $400 million or its equivalent in Naira or other currencies through the establishment of a Shelf Programme.
The shareholders expected to grant approval at the bank’s 2nd Annual General Meeting (AGM) on Friday, 11th July 2025.
The statement stated further that, “The capital may be raised in tranches or otherwise over a specified period through the issuance of debt instruments (including, but not limited, bonds that may be convertible or non-convertible, commercial papers, Sukuks, medium or short term notes, and debentures), preference shares, ordinary shares, global depositary receipts, or a combination thereof, in the Nigerian and/or international capital markets, whether by way of public offer, private placement, rights issue, or any other method, at prices, coupons or interest rates determined through book building or any other acceptable valuation method.”