Prime Business AfricaIn its condensed unaudited group interim financial statements, Sterling Financial Holdings Company Plc disclosed that its gross earnings increased by 34.09 percent to N95.23 billion in the first quarter (Q1) of 2025, compared to the N71.02 billion declared in the same period in 2024.
The lender also reported that it generated N78.35 billion interest income during the period under review, against the N55.31 billion posted in Q1 last year, reflecting a 41.65 percent increase.
Join our WhatsApp ChannelAlso, interest expense grew from N28.07 billion in the first quarter of 2024 to N30.93 billion in Q1 2025, with customer deposits and borrowings accounting for the largest interests.
The 10.16 percent increase in interest expense led to the net interest income rising by 74.12 percent year-on-year, from N27.23 billion to N47.42 billion.
Also, net fees and commission income rose to N10.12 billion in Q1 2025, compared to the N7.14 billion recorded in the corresponding period last year, indicating an increase of 41.66 percent.
Similarly, operating income increased by 49.73 percent year-on-year from N42.94 billion to N64.30 billion.
Sterling Financial also reported that profit before tax grew threefold or 125.28 percent to N18.26 billion in the first quarter of this year, compared to the N8.10 billion posted in the same period in 2024.
This led to the company recording a 71.31 percent increase in income tax, as the lender paid N1.03 billion tax in Q1 2025, against the N603 million filed in the first quarter of the previous year.
Consequently, Sterling Financial’s profit after tax rose to N17.23 billion at the end of the quarter under review, compared to the N7.50 billion recorded in Q1 2024, reflecting an increase of 129.62 percent.
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