Sterling Financial Holdings Company Plc recorded a 64 per cent year-on-year increase in third-quarter profit before tax to N41.75 billion in 2026, compared with N25.41 billion in the corresponding period of 2025, as operating income rose despite higher credit loss expenses.
The group’s operating income increased 43 per cent to N113.64 billion from N79.42 billion, while net operating income after impairment rose 27 per cent to N97.21 billion from N76.55 billion, according to its unaudited financial statements for the period ended September 30, 2026.
Profit after tax for the quarter grew 22 per cent to N25.08 billion from N20.52 billion in the same period last year.
The performance was supported by growth in interest income and other operating income. Net interest income rose 50 per cent to N68.51 billion from N45.63 billion, while net trading income increased 47 per cent to N14.34 billion from N9.76 billion.
Other operating income climbed 77 per cent to N18.04 billion from N10.22 billion. However, net fees and commission income declined eight per cent to N12.76 billion from N13.81 billion, partly moderating the growth in revenue.
Credit loss expenses on financial assets increased to N16.43 billion from N2.87 billion in the third quarter of 2025, reflecting a substantial rise in impairment charges. The increase came alongside higher operating costs, with total expenses rising eight per cent to N55.46 billion from N51.14 billion.
Personnel expenses grew 24 per cent to N21.02 billion, while general and administrative expenses increased 22 per cent to N13.99 billion. Other operating expenses rose nine per cent to N15.87 billion.
For the nine months ended September 30, 2026, Sterling Financial Holdings’ profit before tax increased 37 per cent to N97.28 billion from N70.96 billion in the corresponding period of 2025.
Gross earnings rose 33 per cent to N454.94 billion from N341.67 billion, while profit after tax increased 21 per cent to N75.37 billion from N62.30 billion.
The group’s earnings per share, however, declined to N11.35 from N12.82 in the corresponding period of 2025, following the restatement associated with its share reconstruction effective October 8, 2026.
On the balance sheet, total assets increased to N5.10 trillion as of September 30, 2026, from N3.91 trillion at the end of December 2025. Loans and advances to customers rose to N1.82 trillion from N1.41 trillion, while customer deposits increased to N3.84 trillion from N2.98 trillion.
Total equity also grew to N595.16 billion from N428.70 billion over the same period, while the non-performing loan ratio improved slightly to 4.6 per cent from 4.7 per cent at the end of December 2025.
Sterling Financial Holdings operates through Sterling Bank Limited, Alternative Bank Limited and SterlingFi Wealth Management Limited, with interests spanning commercial banking, non-interest banking and asset management.
