Sterling Financial Holdings Company Plc defied a broader banking sector downturn on Thursday as its shares climbed 6.67 per cent to close at ₦8.00, ranking among the top-performing stocks on the Nigerian Exchange (NGX).
The gain came despite a pullback across banking stocks, with the NGX Banking Index falling 2.04 per cent, while the broader market declined for a second consecutive trading session.
The NGX All-Share Index slipped 0.7 per cent as investors continued to take profits following the market’s strong July rally. Decliners outnumbered gainers by more than two to one, while about ₦1.65 trillion was wiped off the total market capitalisation over the two-day decline.
Against the weak market sentiment, Sterling Financial emerged as one of the day’s standout performers, finishing third on the gainers’ table. A total of 36.01 million shares worth about ₦286.8 million were traded during the session.
The strong market performance came days after the Group reported a 20.4 per cent increase in profit after tax for the first half of the year, rising to ₦50.30 billion. The company also recorded sustained growth in customer deposits, with its balance sheet approaching ₦5 trillion.
Sterling Financial further strengthened its capital base following the successful completion of a ₦96.6 billion public offer during the half-year period. The capital raise lifted shareholders’ funds by 27.8 per cent to ₦547.7 billion, positioning the Group to expand lending as economic activity improves.
Its financial performance also reflected stronger earnings, with net interest income rising 41 per cent to ₦137.4 billion. Return on average equity stood at 20.6 per cent, while return on average assets improved to 2.35 per cent from 2.05 per cent, reinforcing investor confidence despite the broader market weakness.
Sterling Financial operates a diversified holding company structure comprising Sterling Bank, The Alternative Bank and SterlingFI Wealth Management, enabling it to provide banking, non-interest finance and wealth management services through its subsidiaries.
About Sterling Financial Holdings Company
Sterling Financial Holdings Company Plc is a leading Nigerian financial services group committed to driving innovation, financial inclusion and sustainable economic growth. Through subsidiaries including Sterling Bank Limited, The Alternative Bank Limited and SterlingFI Wealth Management, the Group provides strategic leadership, governance and operational support across its businesses.
With more than six decades of operations, Sterling Financial continues to expand its footprint in banking, payments and technology-driven financial services while creating long-term value for shareholders, customers, employees and the communities it serves.
