Sterling Financial Holdings Company Plc reported a pre-tax profit of N97.28 billion for the nine months ended 30 September 2026, a 37.09% increase over the N70.96 billion recorded in the corresponding period of 2025, according to its unaudited financial results.
Gross earnings rose 33.15% to N454.94 billion from N341.67 billion, supported mainly by stronger interest income and other operating income. Profit after tax increased 20.99% to N75.37 billion from N62.30 billion, while basic earnings per share declined 11.47% to N11.35 from N12.82 on figures restated for the company's share reconstruction.
Key highlights from the results include:
- Gross earnings: N454.94 billion, up 33.15% from N341.67 billion. - Interest income: N353.78 billion, up 34.82% from N262.42 billion. - Interest expense: N147.88 billion, up 23.88% from N119.38 billion. - Net interest income: N205.90 billion, up 43.94% from N143.04 billion. - Net fees and commission income: N39.63 billion, up 10.44% from N35.88 billion. - Basic earnings per share: N11.35, down 11.47% from N12.82, both restated for the share reconstruction. - Total assets: N5.10 trillion, up 30.36% from N3.91 trillion in December 2025. - Customer deposits: N3.84 trillion, up 28.74% from N2.98 trillion in December 2025. - Loans and advances to customers: N1.82 trillion, up 28.77% from N1.41 trillion in December 2025. - Total equity: N595.16 billion, up 38.83% from N428.70 billion in December 2025.
Interest income accounted for 77.76% of gross earnings. The increase was driven mainly by interest earned on loans and advances to customers, which rose 39.65% to N244.42 billion from N175.03 billion, contributing 69.09% of total interest income. Income from debt instruments at fair value through other comprehensive income increased 26.14% to N57.73 billion, while income from cash and cash equivalents rose 36.10% to N32.03 billion. Income from debt instruments at amortised cost increased 8.36% to N19.61 billion.
Funding costs also rose, though at a slower pace than interest income. Interest expense increased 23.88% to N147.88 billion from N119.38 billion. Interest on customer deposits rose 23.06% to N92.43 billion, accounting for 62.50% of total interest expense. Interest on deposits from banks increased 35.71% to N21.40 billion, while returns to investment account holders rose 53.29% to N20.57 billion. Interest expense on other borrowed funds increased 21.62% to N13.45 billion.
