Sterling Postpones 2024 Audited Financials

Sterling Financial Holdings Company Plc has announced a delay in the release of its Audited Financial Statements for the fiscal year ending December 31, 2024, citing ongoing changes in the core banking application used by its subsidiary, Sterling Bank.

In a recent statement signed by its Executive Director,  Olayinka Oni, the company explained that the transition to a new system has impacted the timeline for finalising the financial statements. As a result, auditors require additional time to complete their review.

The delay was confirmed just two days before a scheduled board meeting on February 26, 2025, where the Audited Financial Statements were originally set for approval. Despite this setback, Sterling had released its unaudited financial report on January 31, 2025, which showed impressive growth, including a 97.21 percent surge in pre-tax profit to ₦44.7 billion. However, the company now expects to publish the audited version by April 30, 2025, pending necessary approvals.

As per Nigerian Exchange (NGX) regulations, Sterling has declared a closed trading period, restricting directors and insiders from dealing in the company’s securities. This restriction will remain in effect until 24 hours after the release of both the full-year 2024 Audited Financial Statements and the Q1 2025 Unaudited Financial Statements.

Sterling’s unaudited financial results for 2024 reflected significant growth across key metrics. Pre-tax profit rose to ₦44.7 billion, nearly doubling from the previous year. Net interest income recorded a 67.09 percent increase, driven by higher earnings from loans and advances to customers. Core operational income grew to ₦199.8 billion, marking a 42.54 percent increase year-on-year. Additionally, earnings per share (EPS) rose by 72 percent to ₦1.29, while total assets expanded to ₦3.52 trillion, reflecting a 39.05 percent year-on-year growth.