Sterling Financial Holdings Company Plc (Sterling HoldCo) has posted a 157 per cent jump in profit after tax for the first half of 2025, as it announced plans to launch a public offer to raise fresh capital.
According to the unaudited financial statements released by the group on Wednesday, profit after tax rose to ₦41.78bn, up from ₦16.26bn recorded in the same period in 2024.
Earnings per share also climbed to 89 Kobo from 56 Kobo.
The firm’s gross earnings rose by 39.7 per cent to ₦212.61bn, driven by a 38.3 per cent increase in interest income and a 45 per cent rise in non-interest income.
Its cost-to-income ratio improved to 64.5 per cent from 75.7 per cent in the corresponding period, signalling improved efficiency.
Total assets stood at ₦4.08tn as of June 2025, up from ₦3.54tn in December 2024, while shareholders’ funds rose by 22.9 per cent, aided by recent capital injections.
Sterling HoldCo said the improved performance was supported by its successful private placement and rights issue, which raised about ₦100bn.
The proceeds were used to recapitalise The Alternative Bank and strengthen Sterling Bank’s capital base.
The Group plans to open the public phase of its capital raising campaign in the coming weeks, targeting a ₦53bn raise to meet recapitalisation requirements and support further expansion.
The public offer is the first tranche of a US$400m capital programme approved by shareholders at the company’s AGM in June.
Group CEO, Mr. Yemi Odubiyi, attributed the strong showing to a “clear strategic focus” and efforts to build a “resilient and agile business model.”
Odubiyi stated, “As we continue to diversify our income streams and invest in operational efficiency, we remain steadfast in our commitment to responsible growth, prudent risk management, and sustainable impact.
“Looking ahead to the next phase of our capital programme, we see a tremendous opportunity to deepen our footprint in Nigeria’s growth sectors and to catalyse meaningful progress for our customers, communities, and the broader economy.”
Odubiyi added that the firm would deepen investments in renewable energy, healthcare and community development, while pursuing prudent risk management and sustainable impact across its operations.
