Business
Sterling Financial Holdings posts 75% jump in annual profit
Sterling Financial Holdings reported a 74.8 per cent increase in net profit for 2025, compared to the preceding year, amid improvement across the group’s key revenue streams, according to its audited results released on Friday.
The financial services group, which has operations in commercial banking, non-interest banking as well as fund & portfolio management, posted N76.3 billion in profit after tax, up from N43.7 billion a year earlier.
Gross earnings rose 44.4 per cent to N486.8 billion, the highest on record, supported by a jump in interest income and fees & commission income.
Net interest income advanced to N208.7 billion from N134.8 billion, while fees & commission income climbed to N60.3 billion from N44.3 billion.
Sterling Financial Holdings made a provision of N32.9 billion to cover credit loss expense, more than three times the amount it laid aside for the same purpose a year earlier.
Impairment on loans to corporate entities accounted for 83.1 per cent of that sum, climbing to N27.4 billion from N2.6 billion.
Other operating income more than doubled to N37.4 billion on the back of a dramatic rise in income from direct commodity trading.
ALSO READ: Sterling Financial Holdings reports 102% profit growth in 2024
Profit before tax surged by 89.2 per cent to N86.8 billion, while total assets expanded to N3.9 trillion from N3.5 trillion, supported by higher loans and advances to customers.
Also on Friday, the banking group issued its unaudited report for the first quarter of the year, showing a 35.5 per cent leap in post-tax profit to N23.4 billion, compared to the same period of 2025.
Gross earnings for the period climbed to N134.8 billion from N95 2 billion.
Femi Otedola, the chairman of First HoldCo Plc, has revealed that he shared a bunk bed with Lagos State Deputy Governor Obafemi Hamzat during their boarding school days 49 years ago.
Mr Otedola disclosed this in a post on X after hosting a dinner in honour of his longtime schoolmate, Mr Hamzat, attended by Aliko Dangote, the president of Dangote Group, and Abdulsamad Rabiu, the chairman of BUA Group.
The business tycoon said Mr Hamzat’s character has been defined over the years by honesty, sincerity, fairness, and strong moral principles.
“Yesterday, I hosted dinner in honour of @DrObafemiHamzat, the incoming Governor of Lagos State,” Mr Otedola said.
“A man of the highest integrity, with whom I shared a bunk bed at boarding school 49 years ago,” he added.
Mr Otedola stated that his longstanding relationship with Mr Hamzat has given him insight into the deputy governor’s character and values.
“My experience of his character over the years has been defined by his honesty, sincerity, fairness and strong moral principles,” Mr Otedola said.
READ ALSO: Tinubu’s reforms have put Nigerian economy on path of sustainable growth – Otedola
He, however, did not disclose the name of the boarding school he attended with the Lagos State deputy governor.
The billionaire investor has interests in financial services and oil & gas. He holds about 27.7 per cent of First HoldCo’s shares, following months of steadily increasing his stake in the banking group.
Mr Hamzat is seeking to contest the 2027 governorship election in Lagos State on the platform of the All Progressives Congress (APC), and has served as deputy governor under incumbent Governor Babajide Sanwo-Olu since 2019.
He emerged as the APC governorship candidate in May 2026.
Mr Hamzat served as Lagos State Commissioner for Science and Technology and later as Commissioner for Works and Infrastructure from 2005 to 2015.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
-
News2 days ago
NUCAP: Nigeria targets 20 million people with 3,700 telecom towers – Technology Times
-
News3 days agoGunmen storm Plateau mining site, kill two persons
-
News3 days ago
Nigeria needs stronger collaboration ‘to shape internet governance’ – Technology Times
-
News1 day ago
Euromatch NPFL: Matchday 9 results
