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.
The Federal Capital Territory (FCT) Police Command has commenced a fresh operation targeting vehicles with illegal tinted windows, concealed number plates and improper registration across Abuja.
FCT Commissioner of Police Ahmed Muhammed Sanusi disclosed the development during a media briefing on Friday.
He said security reports indicated that criminal suspects often use such vehicles to avoid identification and carry out unlawful activities.
According to the police chief, cases of kidnapping and the notorious “one-chance” robberies have been linked to vehicles operating with hidden identities.
Sanusi noted that tinted windows and covered registration plates make it difficult for security agencies to track offenders and investigate crimes.
He stated that enforcement teams have already been deployed across the territory to ensure compliance with existing regulations.
The commissioner clarified that the exercise is aimed at motorists violating the law and not those with valid approvals for tinted glass.
He revealed that more than 30 vehicles have so far been impounded for breaching the regulations and that offenders would face prosecution.
Sanusi urged residents to report suspicious persons, vehicles and activities, stressing that the operation is part of broader efforts to improve security and curb crime in the nation’s capital.
The post FCT Police Launch Crackdown on Illegal Tinted Vehicles appeared first on Business Today NG.
Nigeria has received multiple funding offers from investors and institutional lenders, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Speaking in an interview with Bloomberg TV, Mr Oyedele said the current market environment presents an opportunity for the country to refinance some of its existing debt while mobilising additional resources for development.
“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but also to raise more funding for our development at this critical time,” he said.
Responding to questions on whether Nigeria would pursue a Eurobond issuance or other commercial financing options, the minister said any decision would depend on prevailing market conditions, the amount of funding required and the speed at which the government intends to access the funds.
He noted that the country currently has several financing options available.
“We have a lot of offers, there is a lot of interest in Nigeria by investors, which is good for us,” Mr Oyedele said.
He added that Nigeria is also engaging with institutional lenders, including the African Finance Corporation (AFC), the African Development Bank (AfDB) and Afreximbank, alongside financing arrangements involving other countries.
“We have many options,” he noted.
ALSO READ: Nigeria eyes debt refinancing, fresh funding — Oyedele
Mr Oyedele explained that the government would carefully evaluate the cost, risks and suitability of available funding sources before deciding on the most appropriate financing strategy.
According to him, the objective is to ensure efficient use of resources while supporting the country’s development priorities.
“The goal is to get the best results from every dollar or every naira that we spend,” he said.
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