Nigerian Bank Announces Plan to Sell Shares, Declares 157% Profit Growth

Thursday, July 31, 2025 at 10:16 AM

by Dave Ibemere

3 min read

A new opportunity beckons for Nigerians looking to invest in the banking industry as Sterling Bank prepares for a public offering
The bank declared a staggering 157% growth in profit in the first half of 2025, with optimism that its upward trajectory will continue
Over the last 20 days, the Nigerian stock market, especially banking stocks, has been on steroids, with two banks crossing N100 per share

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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Sterling Financial Holdings Company Plc (Sterling HoldCo), the parent company of Sterling Bank, has announced a profit after tax of N41.78 billion in the first half of 2025(H1)

This was captured in its unaudited financial results released on Wednesday, July 30, on the NGX.

The H1, 2025 profit achieved is a 157% jump from N16.26 billion in the corresponding period of 2024.

Breakdown of Sterling HoldCo results

Further details from the audited account showed that the financial company's earnings per share also rose to 89 Kobo, compared to 56 Kobo in the same period a year earlier.

Gross earnings increased by 39.7% to N212.61 billion, driven by a 38.3% growth in interest income and a 45% rise in non-interest income.

The group's cost-to-income ratio improved significantly to 64.5% from 75.7%.

The financials also revealed that Sterling HoldCo’s total assets rose to N4.08 trillion as of June 2025, from N3.54 trillion recorded in December 2024.

Shareholders’ funds also jumped by 22.9%, supported by recent capital injections.

The company attributed its improved financial position to the successful execution of a private placement and rights issue earlier in the year, which raised approximately N100 billion.

The capital, it said, was used to recapitalise the Alternative Bank and bolster the capital base of Sterling Bank.

CEO speaks on results

Reacting to the result, Group Chief Executive Officer Yemi Odubiyi credited the strong performance to a “clear strategic focus” and the company’s drive to build a “resilient and agile business model,” Punch reports.

Odubiyi stated:

“As we continue to diversify our income streams and invest in operational efficiency, we remain committed to responsible growth, prudent risk management, and delivering sustainable impact.

“Looking ahead to the next phase of our capital programme, we see tremendous opportunities to expand our presence in Nigeria’s growth sectors and drive meaningful progress for our customers, communities, and the broader economy.”

Sterling HoldCo has announced plans to launch a public offering to meet regulatory recapitalisation requirements and support future expansion

Sterling Bank announces apprenticeship program

Earlier, Legit.ng reported that Sterling Bank has announced a new initiative aimed at bridging the gap between academic learning and real-world experience.

The programme called the Sterling Apprenticeship Program (SAP), launched under the bank’s “Grow with Sterling” initiative, is a work-study program specifically designed for young Nigerians enrolled in universities or holding Ordinary National Diploma (OND) certificates.