Shareholders of Sterling Financial Holdings Company PLC, expressed their delight with the leadership and financial performance of the group at its inaugural annual general meeting.
The comments came as a result of the group’s continued abilities to post impressive growth numbers in its first full year of operations, despite a challenging macro-economic environment.
The holding company reported a 36 per cent increase in its assets size, growing to N 2.5 trillion, and a 26.6 per cent rise in its earnings to deliver N 221 billion. Both figures represent a significant increase in the group’s performance as contained in its annual report and financial statements for the 2023 financial year.
The details of the company result showed that the group earned N156 billion and N 65.7 billion in interest and non-interest income respectively, representing a growth of 21.5 per cent and 40.6 per cent from the 2022 financial year’s numbers. It achieved this while attracting N1.8 trillion in customers’ deposits into its two banking subsidiaries: Sterling Bank and The Alternative Bank.
Commenting on the company’s immediate plans, Sterling HoldCo’s Group Chief Executive Officer, Yemi Odubiyi, said in his statement to the company’s shareholders, “In line with evolving regulatory standards and the recent introduction of minimum capital requirements by the Central Bank of Nigeria (CBN), we will be seeking shareholders’ approval to raise up to N200 billion from the market. This capital infusion will strengthen and position us for sustained growth.”
