Sterling Holdco grows profit by 12%

Sterling Financial Holdings Company Plc recorded a 12 per cent growth in profit after tax to N21.58bn in 2023, from N19.30bn in the prior year.

According to the group’s audited financial statement posted on the Nigeria Exchange Limited portal on Wednesday, profit before tax improved by 9.35 per cent to N 22.69bn.

Gross earnings jumped by 42 per cent to N 221.77bn from N175.14bn in 2022,

Sterling Holdco’s non-performing loan worsened by one per cent to five per cent in 2023; the regulatory benchmark is five per cent.

Net interest income increased from N76.392bn in 2022 to N83.384bn, while net fees and commission income increased by 16.67 per cent year-over-year from N22.38bn to 26.11bn in 2023.

Its credit losses increased to N12.335bn from N9.122bn in the previous year and expenses rose from N52.50bn in 2022 to N59.474bn.

In addition, staff costs increased significantly from N16.944bn to N22.982bn, due to salary review the bank carried out during the period.

Sterling Holdco projected N10.01bn post-tax profit and N79.38bn gross revenue for the second quarter of 2024.

-By Temitope Aina

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