Sterling Financial Holdings Company Plc is stepping up its game. The group has recorded a 157 percent leap in post-tax profit for the first half of 2025 and is now gearing up to raise ₦53 billion through a public offer.
The bank’s unaudited financial report released on Wednesday shows profit after tax rose sharply to ₦41.78 billion, up from ₦16.26 billion in the same period last year. That’s not all. Earnings per share jumped to 89 kobo from 56 kobo, signalling stronger returns for investors.
Gross earnings climbed to ₦212.6 billion, representing a 39.7 percent rise. The group credited this to a healthy boost in both interest and non-interest income.
“Interest income grew by 38.3 percent, and our non-interest income increased by 45 percent,” the report noted. The result? A better cost-to-income ratio of 64.5 percent, compared to 75.7 percent in 2024.
Sterling’s total assets now stand at ₦4.08 trillion, up from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9 percent, thanks in part to capital raised through private placement and rights issues.
Part of that capital injection about ₦100 billion has already been used to recapitalise The Alternative Bank and boost Sterling Bank’s capital adequacy.
Now the group is heading into the public phase of its fundraising drive. The ₦53 billion offer is the first leg of a broader $400 million capital programme approved by shareholders during the June AGM.
Speaking on the company’s outlook, Group CEO Yemi Odubiyi said, “This performance reflects a clear strategic focus and the strength of our business model. We’ve continued to invest in efficiency, diversify income, and manage risk responsibly.”
He added, “The next phase of our capital programme is about growth with purpose. We’re looking to deepen our work in healthcare, renewable energy, and community development. Our goal is to help move Nigeria’s economy forward in meaningful ways.”
Sterling’s move comes as Nigerian banks race to meet the Central Bank of Nigeria’s new recapitalisation targets, which demand stronger capital buffers amid rising economic risks.
The ₦53 billion public offer, once opened, will be one of the most closely watched moves in Nigeria’s banking sector this year.
