{"id":11120,"date":"2026-10-29T08:58:53","date_gmt":"2026-10-29T08:58:53","guid":{"rendered":"https:\/\/ograsset.com\/?p=11120"},"modified":"2026-10-29T08:58:54","modified_gmt":"2026-10-29T08:58:54","slug":"sterling-financial-holdings-9m-2026-pre-tax-profit-rises-37-to-n97-28-billion","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/10\/29\/sterling-financial-holdings-9m-2026-pre-tax-profit-rises-37-to-n97-28-billion\/","title":{"rendered":"Sterling Financial Holdings\u2019 9M 2026 pre-tax profit rises 37% to N97.28 billion"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"683\" src=\"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-71.png\" alt=\"\" class=\"wp-image-11121\" srcset=\"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-71.png 975w, https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-71-300x210.png 300w, https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-71-768x538.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Sterling Financial Holdings Company Plc reported a pre-tax profit of N97.28 billion in its unaudited financial results for the nine months ended 30 September 2026, representing an increase of 37.09% from N70.96 billion recorded in the corresponding period of 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The growth in profitability was supported by a 33.15% increase in gross earnings to N454.94 billion from N341.67 billion, driven largely by stronger interest income and other operating income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consequently, profit after tax increased by 20.99% to N75.37 billion from N62.30 billion, although earnings per share declined by 11.47% to N11.35 from N12.82, based on figures restated for the company\u2019s share reconstruction.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Key Highlights<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gross earnings: N454.94 billion (Up 33.15% YoY from N341.67 billion).<\/li>\n\n\n\n<li>Interest income: N353.78 billion (Up 34.82% YoY from N262.42 billion).<\/li>\n\n\n\n<li>Interest expense: N147.88 billion (Up 23.88% YoY from N119.38 billion).<\/li>\n\n\n\n<li>Net interest income: N205.90 billion (Up 43.94% YoY from N143.04 billion).<\/li>\n\n\n\n<li>Net fees and commission income: N39.63 billion (Up 10.44% YoY from N35.88 billion).<\/li>\n\n\n\n<li>Basic earnings per share: N11.35 (Down 11.47% YoY from N12.82, both restated for the share reconstruction).<\/li>\n\n\n\n<li>Total assets: N5.10 trillion (Up 30.36% from N3.91 trillion in December 2025).<\/li>\n\n\n\n<li>Customer deposits: N3.84 trillion (Up 28.74% from N2.98 trillion in December 2025).<\/li>\n\n\n\n<li>Loans and advances to customers: N1.82 trillion (Up 28.77% from N1.41 trillion in December 2025).<\/li>\n\n\n\n<li>Total equity: N595.16 billion (Up 38.83% from N428.70 billion in December 2025).<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Driving the numbers<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Sterling\u2019s nine-month performance was driven mainly by stronger interest earnings, reflecting continued growth in its income-generating activities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Also Read<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/nairametrics.com\/2026\/10\/29\/naira-strengthens-for-third-session-after-sharp-october-23-depreciation\/?utm_source=auto-read-also&amp;utm_medium=web\"><strong>Naira strengthens for third session after sharp October 23 depreciation<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/nairametrics.com\/2026\/10\/29\/dangote-hires-spanish-engineering-firm-for-4-billion-ethiopia-fertiliser-plant\/?utm_source=auto-read-also&amp;utm_medium=web\"><strong>Dangote hires Spanish engineering firm for $4 billion Ethiopia fertiliser plant<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/nairametrics.com\/2026\/10\/29\/ecobank-reports-n1-01-trillion-9m-pre-tax-profit-as-q3-earnings-rise-8-13\/?utm_source=auto-read-also&amp;utm_medium=web\"><strong>Ecobank reports N1.01 trillion 9M pre-tax profit as Q3 earnings rise 8.13%<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Interest income increased by 34.82% to N353.78 billion, accounting for 77.76% of the group\u2019s gross earnings of N454.94 billion.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The growth was driven mainly by interest earned on loans and advances to customers, which increased by 39.65% to N244.42 billion from N175.03 billion, contributing 69.09% of total interest income.<\/li>\n\n\n\n<li>Income from debt instruments at fair value through other comprehensive income increased by 26.14% to N57.73 billion from N45.77 billion, contributing 16.32% of total interest income.<\/li>\n\n\n\n<li>Similarly, income from cash and cash equivalents rose by 36.10% to N32.03 billion from N23.53 billion, accounting for 9.05% of total interest income.<\/li>\n\n\n\n<li>Meanwhile, income from debt instruments at amortised cost increased by 8.36% to N19.61 billion from N18.09 billion, contributing 5.54% of total interest income.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Funding costs<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Funding costs also increased, although at a slower rate than interest income.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest expense rose by 23.88% to N147.88 billion from N119.38 billion, driven mainly by interest on customer deposits, which increased by 23.06% to N92.43 billion, accounting for 62.50% of total interest expense.<\/li>\n\n\n\n<li>Interest on deposits from banks increased by 35.71% to N21.40 billion, contributing 14.47%, while returns to investment account holders rose by 53.29% to N20.57 billion, representing 13.91%.<\/li>\n\n\n\n<li>Interest expense on other borrowed funds also increased by 21.62% to N13.45 billion, accounting for 9.09% of total interest expense<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Non-interest income<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Performance across non-interest income was mixed. Net fees and commission income increased by 10.44% to N39.63 billion from N35.88 billion, driven by growth in other fees and commissions, facility management fees and electronic banking income.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Other fees and commissions more than doubled to N8.48 billion from N3.88 billion, while facility management fees increased by 39.09% to N9.42 billion from N6.77 billion.<\/li>\n\n\n\n<li>E-business commissions rose 17.19% to N8.26 billion, while account maintenance fees increased by 14.78% to N6.88 billion.<\/li>\n\n\n\n<li>However, commissions on letters of credit and off-balance-sheet transactions declined to N13.30 billion from N14.31 billion.<\/li>\n\n\n\n<li>However, fees and commission expenses increased to N10.18 billion from N8.47 billion, limiting net income growth<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Another non-interest income; net trading income declined by 6.47% to N21.30 billion from N22.78 billion.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Other operating income provided additional support to the group\u2019s earnings, increasing by 95.37% to N40.23 billion from N20.59 billion.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Credit impairment and operating expenses<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Credit impairment remained one of the biggest pressures on profitability.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Credit loss expenses increased substantially to N40.28 billion from N8.09 billion in the corresponding period of 2025.<\/li>\n\n\n\n<li>In the third quarter alone, impairment charges reached N16.43 billion, compared with N2.87 billion in the third quarter of 2025.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This indicates that a larger portion of operating income was absorbed by provisions for potential credit losses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite these pressures, operating income increased by 38.13% to N307.06 billion, helping the group deliver higher pre-tax earnings.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>However, income tax expenses rose to N21.91 billion from N8.66 billion, limiting profit after tax growth to 20.99%.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Balance sheet<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Sterling\u2019s balance sheet expanded significantly during the nine-month period. Total assets increased to N5.10 trillion from N3.91 trillion in December 2025, driven by customer deposits.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Customer deposits also increased by 28.74% to N3.84 trillion, remaining the group\u2019s largest funding source.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The deposit balance was more than twice the size of the customer loan portfolio, highlighting the scale of deposit funding relative to lending activities.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loans and advances to customers increased by 28.77% to N1.82 trillion, compared with N1.41 trillion at the end of 2025.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Total equity increased by 38.83% to N595.16 billion, supported by retained earnings and proceeds from the group\u2019s public offering.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On asset quality, the group\u2019s non-performing loan ratio stood at 4.6%, compared with 4.7% in December 2025.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Market reaction<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Sterling Financial Holdings\u2019 share price gained 1.32% on 28 October 2026, closing at N77.00 from N76.00 in the previous trading session, following the approval of its unaudited nine-month financial results on 27 October 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trading activity also increased significantly, with 3.80 million shares exchanged on 28 October, compared with 487,524 shares in the previous session.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The stock had closed unchanged at N76.00 on 27 October, after declining by 0.65% on 26 October 2026.<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/nairametrics.com\/2026\/10\/29\/sterling-financial-holdings-9m-2026-pre-tax-profit-rises-37-to-n97-28-billion\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sterling Financial Holdings Company Plc reported a pre-tax profit of N97.28 billion in its unaudited financial results for the nine months ended 30 September 2026, representing an increase of 37.09% from N70.96 billion recorded in the corresponding period of 2025. The growth in profitability was supported by a 33.15% increase in gross earnings to N454.94&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/ograsset.com\/index.php\/2026\/10\/29\/sterling-financial-holdings-9m-2026-pre-tax-profit-rises-37-to-n97-28-billion\/\" class=\"excerpt-read-more\">Read More \u2192<\/a><\/p>\n","protected":false},"author":2,"featured_media":11121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-11120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fit-row"],"jetpack_featured_media_url":"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-71.png","_links":{"self":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/11120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/comments?post=11120"}],"version-history":[{"count":2,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/11120\/revisions"}],"predecessor-version":[{"id":11123,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/11120\/revisions\/11123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/media\/11121"}],"wp:attachment":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/media?parent=11120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/categories?post=11120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/tags?post=11120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}