Sterling Financial Holdings Company Plc reported a 20.4% increase in profit after tax to N50.30 billion for the first half of 2026.
The Nigerian lender achieved the growth despite a sharp rise in loan loss provisions as it expanded its lending book.
First HoldCo recently saw its shares jump 10% in Lagos trading after reporting a record first-half profit before tax of N653.
The results highlight the resilience of Sterling’s core earnings engine, which managed to outpace the drag from higher credit risk provisioning.
This performance comes as Nigerian financial institutions navigate a complex macroeconomic environment characterized by currency volatility and high interest rates.
Sterling’s profit growth mirrors a broader trend of improving profitability among major Nigerian lenders.
First HoldCo recently saw its shares jump 10% in Lagos trading after reporting a record first-half profit before tax of N653.5 billion, signaling strength in the sector’s top tier.