Sterling Financial Holdings Grows Profit by 11.85% in 2023

Sterling Financial Holdings Grows Profit by 11.85% in 2023

Sterling Financial Holdings Plc grew its annual profit by 11.85% to N21.584 billion in 2023 from N19.298 billion in the comparable year in 2022, its audited report released to the Nigerian Exchange today shows.

Thus, its earnings per share surged to 75 kobo, 11.94% year on year, from 67 kobo in 2022.  The financial services holding company’s improved performance was driven by its core banking activities.

Details from the audited report for the year showed that net interest income rose to N83.384 billion from N76.392 billion in 2022.

This represents less than 9.2% year-on-year growth for the company despite high interest rate environment.  Net fees and commission income printed higher at N26.106 billion, up by 16.67% year on year from N22.375 billion in the comparable period in 2022.

Its credit losses surged to N12.335 billion from N9.122 billion in 2022. The group operating expenses also expanded, up from N52.502 billion to N59.474 billion. Apart from this, personnel expenses rose sharply to N22.982 billion from N16.944 billion.

Sterling Holdings Plc pre-tax profit increased to N22.693 billion in 2023, up by 9.3% year on year from N20.757 billion in 2022.  # Sterling Financial Holdings Grows Profit by 11.85% in 2023 Stock Market Investors Lose N1trn in April