Sterling Financial Holdings Company Plc bucked the Nigerian Exchange’s (NGX) broader market decline on Thursday, with its shares rising 7 percent after investors responded positively to the Group’s N50.3 billion half-year profit.
The stock emerged as the third-best performing equity on the NGX, gaining despite a second consecutive day of losses across the wider market. Sterling Financial traded 36.01 million shares valued at about ₦286.8 million as investors accumulated the stock following the release of its half-year results.
The broader market extended its decline, with the All-Share Index falling 0.7 percent while investors lost more than N1.65 trillion over two trading sessions. Only 17 listed stocks closed in positive territory, underscoring Sterling Financial’s outperformance.
The lender reported profit after tax of N50.30 billion for the six months ended June 30, 2026, reflecting stronger earnings from its core banking operations, improved margins, and continued expansion of its loan portfolio.
Gross earnings increased by 31.5 percent to N279.6 billion from the corresponding period of 2025, driven by growth across both interest and non-interest income.
Interest income rose 33.7 percent, reflecting higher earnings from loans and other interest-earning assets, while non-interest income grew 23.3 percent to N56.0 billion, supported by higher fees, commissions and other operating income.
The Group also strengthened its funding base during the period as customer deposits increased by 21.1 percent to N3.62 trillion, providing additional liquidity to support lending activities in the second half of the year.
Sterling Financial’s balance sheet continued to expand, edging closer to the ₦5 trillion mark as it scaled operations across its banking and financial services businesses.
The earnings were also the first to reflect the impact of the Group’s N96.6 billion public offer completed during the period, which strengthened its capital position ahead of the Central Bank of Nigeria’s recapitalisation deadline.
While the enlarged share capital diluted earnings per share to 77 kobo, the capital raise significantly improved the Group’s balance sheet and positioned it for future growth.
Sterling Financial operates across conventional banking through Sterling Bank, non-interest banking through The Alternative Bank, and wealth management through Sterling Financial Investment Management, enabling it to diversify income streams beyond traditional lending.
Market participants noted that sentiment on the NGX remains cautious, with profit-taking continuing to weigh on equities after recent rallies. They said company-specific earnings may continue to drive selective buying even as broader market volatility persists.