Sterling Bank’s Profit Soars 102% after Scrapping Transfer Charges, Records N43.68 Billion in 2024

• The parent company of Sterling Bank, Sterling Financial Holdings Company Limited, has released outstanding financial reports for 2024
• The company said it focused on essential areas that drive economic growth, such as agriculture, trade, healthcare, and renewable energy
• Also, Sterling Holdings highlighted its social programmes for the review year, including healthcare, solar energy, and other initiatives

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Sterling Financial Holdings Company Plc has declared a 102% rise in post-tax profit for the 2024 financial year, with earnings increasing from N21.58 billion in 2023 to N43.68 billion.

The financial institution stated this in its audited full-year financials for the year ended December 31, 2024.

Sterling Bank smashes records

The results, which were released on Sunday, June 29, 2025, showed significant improvement in earnings, asset quality, and operational efficiency.

The banking group’s gross earnings rose to N337.19 billion from N221.77 billion in 2023, driven by a rise in interest income, non-interest revenue, and cost control.

Its earnings per share more than doubled to 151 kobo.

Punch reports that the company’s deposits across subsidiaries also rose by 36.7% to N2.52 trillion, showing improved investor confidence and supporting its lending growth.

Sterling Bank: What is driving the growth?

The report stated that despite the growth, impairment charges on loans dipped by 12.6% to N10.78 billion.

The Group Chief Executive of the holding company, Yemi Odubiyo, said the results showed the firm’s strategic focus on sectors that contributed to Nigeria’s long-term development.

According to Odubiyo, the company deliberately channelled capital into sectors that drive economic growth, such as agriculture, trade, healthcare, and renewable energy.

He said the company not only achieved strong financial outcomes but also delivered on lasting impact.

More records broken by Sterling bank

He stated that the asset growth, the loan book and earnings are a reflection of the trust that the company has earned from its customers and partners.

The company’s net interest income rose by 62% to N134.81 billion, while fee and commission income increased to N44.30 billion.

Net fees and commissions rose by 30% to N33.93 billion, caused by increased transaction volumes and digital banking services.

The Group CEO noted that diversified earnings provided safety against interest rate volatility, contributing to improvements in the cost-to-income ratio and return on equity.

“We remain focused on delivering innovation-led banking, strengthening our core, and deepening our contribution to the communities and markets we serve,” Odubiyo said.

Sterling Bank hypes its CSR

Sterling Bank also highlighted its social investments in the review year.

According to reports, the bank partnered with the Lagos state government to launch Ilera Eko healthcare booths to deliver basic health services and financial inclusion to underserved communities.

It also expanded funding for solar power systems and mini-grid energy solutions for homes and small businesses, while supporting educational and entrepreneurial schemes via the Sterling One Foundation.

The group also said it received appreciation from institutions, including the International Finance Corporation and the Nigerian Exchange Limited (NGX).

Sterling Bank phases out transfer charges

The banking group has proposed an 18 kobo dividend for the 2024 financial year, depending on approval at its next AGM.

It described the dividend proposal as part of its commitment to shareholder value and disciplined capital management.

A prior report by Legit.ng disclosed that the company announced free online transfer charges for its customers early this year.

Analysts say the gesture etched the bank strongly on its customers and non-customers, leading to an improved image and high customer retention.

Sterling Bank to empower 2.500 women entrepreneurs

Legit.ng earlier reported that Sterling Bank continued to set the pace as the Managing Director, Abubakar Suleiman, said over the weekend that the financial institution is extending credit to all its customers.

Suleiman, who engaged his followers on X, said customers could access N1 million at a 48-hour zero-cost window, a one per cent flat fee after 48 hours and a monetary policy rate (MPR), including seven per cent after seven days.

He said the conditions reflect Sterling Bank’s fair credit access.

Source: Legit.ng