Prime Business AfricaSterling Financial Holdings Company Plc was fined N26 million in the first half (H1) of 2025, compared to the N9 million penalty paid by the company during the same period in 2024.
The financial institution disclosed the fine in its second quarter (Q2) of 2025 condensed unaudited group interim financial statements released on July 30.
Join our WhatsApp ChannelAlso, according to the earnings report, Sterling Financial Holdings recorded N88.80 billion in interest income in the second quarter of this year, surpassing the N65.56 billion posted in Q2 2024.
While interest income grew by 35.44 percent, the financial company’s interest expense increased by 10.21 percent year-on-year, from N35.21 billion to N38.81 billion.
With interest income growth overshadowing interest expense, Sterling Financial Holdings’ net interest income jumped 64.71 percent to N49.99 billion during the period under review, exceeding the N30.35 billion recorded in Q2 2024.
The company also reported N11.94 billion in net fees and commission income, compared to the N8,07 billion posted in the second quarter of last year, representing an increase of 47.94 percent.
Also, net trading income grew by 85.81 percent year-on-year, from N5.44 billion to N10.11 billion, while other operating income increased by 210.23 percent to N6.51 billion, from N2.10 billion.
In addition, Sterling Financial Holdings recorded N78.56 billion in operating income in Q2 2025, compared to the N45.96 billion filed in Q2 2024, indicating a 70.91 percent increase.
Furthermore, the company saw its profit before taxation increase by 195.31 percent to N27.28 billion during the review period, surpassing the N9.23 billion PBT reported in the second quarter of last year.
As a result of the growth in bottom line, Sterling Financial Holdings said income tax grew 469.64 percent, as the financial institution filed N2.74 billion in taxation in Q2 2025, against the N481 million tax paid in the same period in Q2 2024.
Consequently, Sterling Financial Holdings reported N24.54 billion in profit after tax (PAT) in Q2 2025, outstripping the N8.75 billion recorded in Q2 2024, reflecting an increase of 180.24 percent.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
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