Sterling Financial Holdings Company Plc has reported a profit after tax of N50.3 billion for the half-year ended June 30, 2026.

The group said the figure represented a 20.4 per cent increase compared with the corresponding period of 2025, reflecting sustained growth across key business segments.

In a statement issued on Wednesday in Lagos, the company said its profit before tax rose by 21.9 per cent to N55.5 billion.

Gross earnings increased by 31.5 per cent to N279.6 billion, supported by stronger income generation and improved performance across its operations.

Interest income grew by 33.7 per cent to N223.6 billion, driven by loan book expansion and improved asset yields during the review period. Net interest income rose by 41.0 per cent to N137.4 billion, while non-interest income increased by 23.3 per cent to N56 billion.

The company attributed the non-interest income growth to higher fee-based earnings and increased contributions from other operating income streams. Sterling Financial said its total assets expanded by 19.3 per cent to N4.67 trillion, bringing its balance sheet close to the N5 trillion threshold.

Customer deposits rose by 21.1 per cent to N3.62 trillion, underscoring continued confidence in the group’s banking and financial services businesses.

Shareholders’ funds increased by 27.8 per cent to N547.7 billion, supported largely by the N96.6 billion raised through a public share offer. The capital was raised through the issuance of 13.8 billion ordinary shares, strengthening the group’s financial position and growth capacity.

Sterling Financial said its return on average equity stood at 20.6 per cent during the period under review. Return on average assets improved to 2.35 per cent from 2.05 per cent recorded in the corresponding half of 2025.

The company noted that its share price had appreciated by more than 15 per cent since the beginning of the year. According to the group, the share price growth reflected rising investor confidence ahead of the release of its half-year financial results.

Sterling Financial attributed the strong performance to ongoing modernisation of its technology infrastructure and operating model across subsidiaries.

The subsidiaries include Sterling Bank, Alternative Bank and SterlingFI Wealth Management, which continue to support the group’s growth strategy.

“The stronger capital base, growing deposit franchise and diversified earnings position us for sustained growth in the second half,” the company said.

It added that the improved financial position would support increased lending to the real sector and contribute to broader economic development.

(NAN)