At its inaugural Annual General Meeting (AGM), major shareholders of Sterling Financial Holdings Company Plc. approved a management decision to raise N200 billion in fresh capital. The decision comes amidst the company’s robust financial performance, with a 36% increase in assets to N2.5 trillion and a 26.6% rise in earnings to N221 billion for the 2023 financial year.
Sterling Financial Holdings achieved significant growth in both interest and non-interest income, attracting N1.8 trillion in customer deposits across its subsidiaries, Sterling Bank and The Alternative Bank. The company reported a profit of N21.6 billion and earnings per ordinary share of 75 kobo, reflecting an 11.8% and 11.9% growth respectively from 2022.
Group CEO Yemi Odubiyi highlighted plans to strengthen the company’s position through the capital raise, aiming to meet regulatory standards and sustain growth momentum. The company’s strategy includes expanding non-banking revenue lines and investing in sustainable ventures aligned with its core values.
Sterling Financial Holdings recently transitioned into a full-fledged financial holdings company, enabling it to diversify into sectors beyond banking. The company’s achievements include recognition among Africa’s fastest-growing companies and Africa’s Most Valuable Commercial Bank Brand for 2023.
Source: This Day