Prime Business AfricaSterling Financial Holdings Company was fined N61 million in 2024, according to its condensed unaudited interim financial statements for the year ended December 31, 2024.
The amount is higher than the N29 million that Sterling Financial paid as penalty in 2023.
Join our WhatsApp ChannelThe company’s financial statement further revealed that gross earnings increased by 54.21 percent year-on-year, from N212.92 billion to N328.34 billion.
Furthermore, interest income grew by 67.08 percent to N260.83 billion in 2024, exceeding the N156.10 billion reported in the corresponding period in 2023.
However, interest expense on deposits and borrowed funds gulped N128.47 billion last year, surpassing the N72.71 billion posted in 2023 by 76.67 percent.
This left Sterlin Financial with net interest income of N132.35 billion during the review period, which is 58.73 percent higher than the N83.38 billion reached in 2023.
Sterling Financial also reported that profit before taxation (PBT) grew by 97.21 percent year-on-year, jumping from N22.69 billion to N44.75 billion.
However, the introduction of the windfall tax by the federal government last year led to tax eating into the lender’s bottom line, as Sterling Financial paid N7.23 billion income tax, up by 552.02 percent compared to the N1.10 billion surcharged in 2023.
The earnings result showed that the windfall tax accounted for N3.16 billion in 2024.
After accounting for income tax, Sterling Financial wrapped up 2024 with N37.52 billion Profit after taxation (PAT), up from the N21.58 billion income reported in the previous year, reflecting an increase of 73.84 percent.
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