Sterling Financial Holdings Company Plc (Sterling HoldCo) reported a 157 per cent increase in profit after taxes, in the first half of 2025,. The company also revealed plans to raise additional funds through a public offering.
Profit after taxes increased to ₦41.78 billion from ₦16.26 billion during the same period in 2024, according to the group’s unaudited financial statements, which were made public on Wednesday.
Additionally, earnings per share increased from 56 to 89 Kobo.
Interest income increased by 38.3%
Interest income increased by 38.3 per cent, and non-interest income increased by 45 per cent, driving a 39.7 per cent increase in the company’s gross earnings to ₦212.61 billion.
During the same time period, its cost-to-income ratio increased from 75.7 per cent to 64.5 per cent, indicating increased efficiency.
Recent capital infusions helped increase shareholders’ funds by 22.9 per cent, and total assets increased from ₦3.54 trillion in December 2024 to ₦4.08 trillion in June 2025.
Sterling HoldCo claimed that its successful rights issue and private placement, which raised roughly ₦100 billion, were the reason for the better performance.
Sterling Bank’s capital base was strengthened, and The Alternative Bank was recapitalised with the proceeds.
Plans to launch ₦53 billion via public offering
In the upcoming weeks, the Group intends to launch the public phase of its capital raising campaign, with the goal of raising ₦53 billion to cover recapitalisation requirements and fund additional growth.
At the company’s annual general meeting in June, shareholders approved a US$400 million capital program, of which the public offer is the first instalment.
Mr. Yemi Odubiyi, the group CEO, credited the impressive performance to a “clear strategic focus” and initiatives to create 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 went on to say that the company would increase its investments in community development, healthcare, and renewable energy while aiming for sustainable impact and careful risk management throughout its operations.