Sterling Financial blames delay in 2024FY, Q1 2025 on ongoing audit finalization

Sterling Financial Holdings Plc has informed investing public of a delay in releasing its audited financial statements for 2024 financial year statement and unaudited results for first quarter (Q1) 2025 on the ongoing finalization of its year-end audit, which is being carried out in collaboration with its external auditors.

This announcement was made in a disclosure published on May 7, 2025, and signed by the Company Secretary, Mr. Olayinka Oni.

The company stated that both the audited 2024 financial statements and the unaudited Q1 2025 results will be published on or before June 28, 2025, once all required regulatory approvals have been obtained.

Regarding regulatory compliance and the ongoing closed period, the company added:

“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.”

Sterling Holdings also confirmed that its directors, senior management, and other insiders are not permitted to trade in the company’s shares during the closed period, in accordance with regulatory guidelines.

In January 2025, Sterling released its unaudited interim financial results for the year ended December 31, 2024, reflecting strong performance and growth across key metrics.

The company reported a 97.21% increase in profit before tax, which rose to N44.7 billion.

This growth was primarily driven by a 67.09% rise in net interest income, largely attributed to increased earnings from loans and advances to customers.

Operating profit also grew, rising by 42.54% year-on-year to N199.8 billion, despite a 21.15% rise in net fees and commissions, reflecting the company’s strong operational health.

Earnings per share grew by 72% to N1.29, reflecting profitability and value creation for shareholders. On the balance sheet, total assets reached N3.52 trillion, marking a 39.05% year-on-year increase.

So far in 2025, Sterling Financial Holdings has seen relatively slow price action on the Nigerian Exchange, with no significant surge.

The company’s shares began January at N5.60 but ended the month slightly lower at N5.50, with a total trading volume of 381.8 million shares.

Price movements remained subdued in February and March, with the stock declining further to N5.45 by the end of March.

The stock closed the last trading day of April at N5.40. However, as of the end of the trading day on May 7th, the company’s shares were priced at N5.50.

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