Sterling Financial Holding Company’s operating income grows 27 percent to N67.46 billion on the back of the most contribution from net fees and commission income in the first half of 2023, according to findings by BusinessDay.
Data sourced from the holding company’s latest financial statement showed the bank’s Net fees and commissions increased by 10.6 percent to N11.61 billion in the first half of 2023 from N10.5 billion in the same period of 2022.
Further findings showed the 27 percent growth in operating income was driven by net fees and commission income which contributed N11.61 billion, net trading income contributed N7.86 billion, and other operating income contributed N2.86 billion.
The holding company’s gross earnings grew by 26.4 percent to N99.06 billion in the first half of 2023 from N78.38 billion in the first half of 2022.
Sterling Bank Plc announced that it has completed a significant milestone in its ongoing transformation to a financial holdings company, saying this is with the delisting, transfer, and relisting of all shares to the Sterling Financial Holdings Company on the floor of the Nigerian Exchange.
Sterling Financial Holding Company’s profit for the period rose to N10.68 billion in the first half of 2023 from N8.01 billion in the first half of 2022.
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The holding company saw its net interest income at N45.13 billion in the first half of 2023, a 34 percent increase from N33.7 billion in the similar period of 2022.
Net interest’s income 34 percent growth to N45.13 billion was as a result of interest income which stood at N76.74 billion and an incurred interest expense of N31.61 billion in the first half of 2023.
Sterling Financial Holding Company’s interest income grew 30 percent to N76.74 billion from N59.06 billion in the period reviewed.
Interest expense stood at N31.61 billion from N25.36 billion, a development that indicates 24.6 percent growth in the period reviewed.
The holding company’s personnel expenses increased to N9.77 billion in the first half of 2023 from N7.69 billion in the first half of 2022.
General and administrative expenses rose to N16.73 billion from N12.14 billion in the period reviewed.
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The holding company recorded total expenses incurred which amounted to N51.83 billion from N40.33 billion in the comparable period.
Deposit from customers grew to N1.51 trillion in June 2023 from N1.33 trillion in December 2022 while Deposit from banks surged to N107.86 billion in June 2023 from N37.18 billion in December 2022.
Total Assets grew by 23.1 percent year to date to N2.29 trillion in June 2023 from N1.86 trillion in December 2022.
The holding company has total liabilities of N2.12 trillion as of June 2023 from N1.7 trillion in December 2022.
Total equity increased to N168.91 billion in June 2023 from N154 billion in December 2022.
Net cash flows from operating activities stood at a negative of N3 million in the first half of 2023 from N52.6 billion in 2022.
Net cash flows from investing activities stood at a negative N106.15 billion in the first half of 2023 from N20.45 billion in 2022.
Net cash flows from financing activities arrived at a positive of N53.53 billion from a negative of N10.84 billion during the period reviewed.
Sterling Financial Holding Company’s cash and cash equivalents at the end of the period stood at N265.52 billion in the first half of 2023 from N242.31 billion in the first half of 2022.
Earnings per share stood at 37 kobo from 28 kobo in the period reviewed.
