Sterling Financial Holdings has officially informed its shareholders and the Nigerian Exchange (NGX) of a postponement in the release of its audited financial statements for the fiscal year 2024 and its unaudited results for the first quarter of 2025.
This disclosure was formally made public on May 7, 2025, through a statement signed by the Company Secretary, Mr. Olayinka Oni, and filed with the NGX.
According to the company's statement, the delay is a direct consequence of the ongoing finalization of its year-end audit. Sterling Holdings clarified that this crucial audit process is being conducted in close collaboration with its appointed external auditors to ensure accuracy and compliance.
The financial institution assured stakeholders that both the comprehensive audited financial statements for the year 2024 and the unaudited financial results for the first quarter of 2025 are now scheduled for publication on or before June 28, 2025. This revised timeline is contingent upon the successful completion of the audit process and the receipt of all necessary regulatory approvals.
In its disclosure, Sterling Holdings also addressed the matter of regulatory compliance and the currently enforced closed period for trading its shares. The company reiterated:
“The previously announced closed period, which began on January 1, 2025, will remain in effect until the financial statements are released on the floor of the Nigerian Exchange.”
Furthermore, Sterling Holdings explicitly confirmed that its directors, members of senior management, and other individuals considered insiders are strictly prohibited from engaging in any trading activities involving the company’s shares during this designated closed period. This measure is in full accordance with the prevailing regulatory guidelines established by the Nigerian Exchange to prevent insider trading and ensure market fairness.
Recap of 2024 Unaudited Financial Performance
It is worth recalling that Sterling Financial Holdings had previously released its unaudited interim financial results for the year ending December 31, 2024, in January 2025. These preliminary figures indicated a period of robust performance and significant growth across several key financial metrics for the holding company.
The unaudited report highlighted a substantial 97.21% surge in profit before tax, reaching N44.7 billion. This impressive growth was primarily fueled by a strong 67.09% increase in net interest income, largely attributed to enhanced earnings generated from the company's loan and advance portfolio extended to its customers.
Operationally, Sterling Holdings also demonstrated positive momentum, with operating profit increasing by 42.54% year-on-year to N199.8 billion. This growth was achieved despite a 21.15% rise in net fees and commissions, underscoring the underlying strength of the company's core operations.
The unaudited earnings per share for the period also reflected this profitability, growing by a significant 72% to N1.29, indicating enhanced value creation for the company's shareholders. On the balance sheet front, Sterling Holdings reported a substantial 39.05% year-on-year increase in total assets, reaching N3.52 trillion.
Market Performance in Early 2025
An examination of Sterling Financial Holdings' stock performance on the Nigerian Exchange in the early months of 2025 reveals a period of relatively subdued price action, lacking any significant upward momentum.
The company's shares commenced trading in January at N5.60 but experienced a slight decline by the end of the month, closing at N5.50, with a total trading volume of 381.8 million shares recorded during January.
This trend of muted price movements continued through February and March, with the stock price gradually declining further to N5.45 by the close of March. By the end of April's trading, the stock had edged down slightly to N5.40.
However, as of the close of the trading day on May 7th, the company's shares were priced at N5.50, indicating a minor recovery from the April low but still below the January opening price. This relatively stable price action suggests a period of consolidation in the market for Sterling Financial Holdings' shares.