Sterling Financial Holdings Company Plc increased its profit after tax by 20.4 per cent to N50.30bn in the first half of 2026, despite a sharp rise in loan loss provisions as the lender expanded its credit portfolio.

The financial holding company reported profit after tax of N50.30bn for the six months ended 30 June 2026, up from N41.78bn in the corresponding period of 2025. Profit before tax also rose 21.9 per cent to N55.53bn, while gross earnings climbed 31.5 per cent to N279.6bn.

However, the group’s credit impairment charges surged to N23.85bn from N5.21bn a year earlier, representing an increase of about 358 per cent. The higher provisioning reflected the cost of supporting an expanding loan book, even as the non-performing loan ratio remained unchanged at 4.7 per cent.

Interest income rose 33.8 per cent to N223.58bn, driven by growth in loans and investment securities, while net interest income increased 41 per cent to N137.39bn, despite a 23.6 per cent increase in interest expenses.

Customer deposits grew 21.1 per cent to N3.62tn, while loans and advances increased 13.7 per cent to N1.61tn. Total assets expanded 19.3 per cent to N4.67tn, and shareholders’ funds rose by nearly 28 per cent, supported by the successful completion of the group’s rights issue.

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