Sterling Financial Holdings Company Plc has communicated to the public and the Nigerian Exchange Group (NGX) regarding the delayed filing of its Audited Financial Statements for the fiscal year ending 31st December 2024.
According to the disclosure signed by the company’s Executive Director, Olayinka Oni, the delay stems from a transition in the core banking application utilized by its subsidiary, Sterling Bank.
In mid-December 2024, the group announced a forthcoming board meeting scheduled for 26th February 2025, during which the board would review the Audited Financial Statements for the specified period.
Subsequently, on 31st January 2025, Sterling released its unaudited financial report for the full year 2024, revealing pre-tax profits of N44.7 billion, up from N22.6 billion in 2023, with the audited financial statements set to be presented at the upcoming board meeting.
However, in a disclosure on 24th February 2025 just two days before the meeting—the board announced that filing the Audited Financial Statements would be delayed due to ongoing changes in Sterling Bank’s core systems.
The board stated, “The migration to the new system has impacted the timing of the finalization of our 2024 Audited Financial Statements. Consequently, our auditors will require additional time to complete the audit process.”
Closed period
As stated in the disclosure, the group announced that it will publish its 2024 Audited Financial Statements before 30th April 2025, pending the necessary approvals.
In line with Nigerian Exchange (NGX) regulations, Stanbic IBTC is keeping a closed period that will last until 24 hours after the release of both the Audited Financial Statements for the year ending 31st December 2024 and the Unaudited Financial Statements for the quarter ending 31st March 2025.
During this time, directors and insiders are prohibited from trading the company’s securities to ensure market transparency and integrity.
2024 Unaudited report
In late January 2025, Sterling Financial Holdings Company Plc released their unaudited interim results for the year ending December 31, 2024.
The financial figures indicated a substantial pre-tax profit increase of 97.21%, amounting to N44.753 billion.
- This growth was largely due to a notable 67.09% rise in net interest income, which stemmed from an uptick in interest income generated from loans and advances to customers.
Moreover, the company reported a 42.54% year-on-year increase in core operational income, totaling N199.8 billion, although it did face a 21.15% rise in net fees and commissions.
Earnings per share also grew, rising 72% to N1.29. Additionally, total assets reached N3.52 trillion, reflecting a 39.05% year-on-year increase.
