Sterling grows assets by 36%, hailed by shareholders

Major shareholders of Sterling Financial Holdings Company PLC expressed their delight with the leadership and financial performance of the group at its recently held inaugural yearly general meeting.

The comments came as a result of the group’s continued ability to post impressive growth numbers in its first full year of operations, despite a challenging macroeconomic environment.

The holding company delivered a 36 per cent increase in the size of its assets, growing to N 2.5 trillion, and a 26.6 per cent rise in its earnings to deliver N 221 billion. Both figures represent a significant increase in the group’s performance as contained in its annual report and financial statements for the 2023 financial year.

The group earned N 156 billion and N 65.7 billion in interest and non-interest income respectively, representing a growth of 21.5 per cent and 40.6 per cent from the 2022 financial year’s numbers.

It achieved this while attracting N 1.8 trillion in customers’ deposits into its two banking subsidiaries: Sterling Bank and The Alternative Bank.

These have helped the group post N 21.6 billion in profit, and an admirable 75 kobo in earnings per ordinary share for 2023. Numbers that signify continued growth of 11.8 per cent and 11.9 per cent for the respective performance metrics from the publicly traded company’s 2022 postings.

Commenting on the company’s immediate plans, Sterling HoldCo’s Group Chief Executive Officer, Yemi Odubiyi, said: “In line with evolving regulatory standards and the recent introduction of minimum capital requirements by the Central Bank of Nigeria (CBN), we will be seeking shareholders’ approval to raise to N200 billion from the market. This capital infusion will strengthen and position us for sustained growth.”

Odubiyi also highlighted the performance of the holding company’s current subsidiaries – Sterling Bank and The Alternative Bank – and intimated shareholders on the group’s intentions to build non-banking revenue lines to advance the group’s rapid growth and capture even more value for shareholders by offering a wider range of services under the trusted Sterling brand.