Sterling Financial Holdings Company Plc has reported a 21% increase in profit after tax to N75.37 billion for the nine months ended September 30, 2026, compared with N62.30 billion recorded in the corresponding period of 2025.
The financial services group disclosed this in its unaudited interim financial statements, which showed that profit before tax increased by 37.1% to N97.28 billion from N70.96 billion a year earlier.
During the period under review, interest income rose by 34.8% to N353.78 billion from N262.42 billion, supported by the group’s interest-earning operations.
However, interest expenses increased by 23.9% to N147.88 billion, compared with N119.38 billion in the corresponding period of 2025.
Despite the higher financing costs, net interest income grew by 43.9% to N205.90 billion from N143.04 billion.
Net fees and commission income increased by 10.4% to N39.63 billion from N35.88 billion, while net trading income declined by 6.5% to N21.30 billion.
Other operating income almost doubled to N40.23 billion from N20.59 billion, contributing to the group’s improved earnings performance.
Consequently, operating income rose by 38.1% to N307.06 billion, compared with N222.29 billion in the corresponding period of 2025.
However, credit loss expenses increased significantly to N40.28 billion from N8.09 billion, reflecting higher impairment charges on financial assets.
Total operating expenses also increased by 18.3% to N169.49 billion from N143.24 billion, driven partly by higher personnel, administrative and other operating costs.
Despite these increases, Sterling Financial Holdings sustained profit growth, with net operating income after impairment rising by 24.5% to N266.77 billion from N214.20 billion.
Meanwhile, the group’s balance sheet expanded significantly during the nine-month period.
Total assets increased by 30.4% to N5.10 trillion as of September 30, 2026, compared with N3.91 trillion recorded at the end of December 2025.
Loans and advances to customers grew by 28.8% to N1.82 trillion from N1.41 trillion, indicating an expansion in the group’s customer lending portfolio.
Customer deposits also increased by 28.7% to N3.84 trillion from N2.98 trillion, while total shareholders’ equity rose by 38.8% to N595.16 billion from N428.70 billion.
The group’s investment portfolio also expanded, with debt instruments measured at fair value through other comprehensive income increasing to N1.16 trillion from N646.47 billion.
For the third quarter alone, Sterling Financial Holdings recorded a profit after tax of N25.08 billion, representing a 22.2% increase from N20.52 billion in the corresponding quarter of 2025.
Profit before tax for the quarter rose by 64.3% to N41.75 billion from N25.41 billion.
However, basic earnings per share for the nine-month period declined to N11.35 from N12.82 in the corresponding period of 2025, despite the increase in overall profitability.
The results showed stronger earnings, customer deposits and lending activity, although higher impairment charges and operating expenses remained notable features of the group’s financial performance.