Sterling Delays 2024 Financials Release Amid Core Banking Upgrade

Sterling Financial Holdings Company Plc has announced a delay in filing its Audited Financial Statements (AFS) for the fiscal year ending December 31, 2024.

The disclosure was made to the Nigerian Exchange Group (NGX), citing technical adjustments to Sterling Bank’s core banking application as the cause of the postponement.

Olayinka Oni, Executive Director of Sterling Financial Holdings, explained that the system transition has impacted the finalization timeline. “The migration to the new system has affected the completion of our 2024 Audited Financial Statements. As a result, our auditors need additional time to conclude the audit process,” Oni stated.

The company had previously scheduled a board meeting for February 26, 2025, to review the AFS. Despite this plan, the updated timeline indicates that the audited statements will be published no later than April 30, 2025, pending all necessary approvals.

Trading Restrictions During Closed Period Sterling Financial Holdings has declared a closed period in accordance with NGX regulations. This restriction bars directors and insiders from trading the company’s securities until 24 hours after the release of both the audited financials for the year ended December 31, 2024, and the unaudited financials for the first quarter ending March 31, 2025. The measure aims to uphold market transparency and integrity.

2024 Unaudited Financial Performance Despite the delay in audited figures, Sterling released its unaudited results for the 2024 fiscal year on January 31, 2025. The report highlighted a robust pre-tax profit of ₦44.75 billion—representing a 97.21% surge from the ₦22.6 billion recorded in 2023.

The impressive profit growth was driven by a 67.09% increase in net interest income, reflecting heightened earnings from customer loans and advances. Core operational income also climbed by 42.54% year-on-year to ₦199.8 billion, despite a 21.15% uptick in net fees and commissions.

Earnings per share (EPS) improved by 72%, reaching ₦1.29, while total assets rose by 39.05%, closing at ₦3.52 trillion.

Sterling Financial Holdings remains committed to transparent financial reporting and assures stakeholders of its dedication to meeting the revised publication schedule.