Sterling Financial Holdings annual profit grew by 11.85% from ₦19.298 billion in 2022 to ₦21.584 billion in 2023.
This was reported in Sterling Bank’s audited report released to the Nigerian Exchange.
The financial services holding company’s improved performance was driven by its core banking activities.
The audited report also shows that the earnings per shares soared to 75 kobo per shares from 67 kobo in 2022 which shows a 11.94% increase. The net interest income rose to ₦83.384 billion from ₦76.392 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 ₦26.106 billion, up by 16.67% year on year from ₦22.375 billion in the comparable period in 2022.
Its credit losses surged to ₦12.335 billion from ₦9.122 billion in 2022. The group operating expenses also expanded, up from ₦52.502 billion to ₦59.474 billion.
Apart from this, personnel expenses rose sharply to ₦22.982 billion from ₦16.944 billion.
Sterling Holdings Plc pre-tax profit increased to ₦22.693 billion in 2023, up by 9.3% year on year from N20.757 billion in 2022.
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