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Sterling Financial reports 89% profit surge and plans $400M capital raise

A stunning 89% profit leap puts Sterling Financial in the spotlight. Now, shareholders face a pivotal vote on a $400M funding push—will they back the bold move?

,   and  Administrator
1 min read
The image shows an old stock certificate issued by the Société Generale de Credit Mobilier. It is a...
The image shows an old stock certificate issued by the Société Generale de Credit Mobilier. It is a paper document with text written on it, likely containing information about the bank's services.

Sterling Financial reports 89% profit surge and plans $400M capital raise

Sterling Financial Holdings Company Plc has reported strong financial growth for 2025, with profits soaring by 89.19%. The group’s gross earnings also climbed by 44.37%, reaching N486.80 billion. Now, the company is preparing to raise up to $400 million in fresh capital, pending shareholder approval at its upcoming AGM.

The company’s latest financial results show a sharp rise in profitability. Profit before tax jumped to N86.78 billion in 2025, up from the previous year’s figure. Gross earnings also grew significantly, rising from N337.19 billion in 2024 to N486.80 billion.

At the AGM on June 9, shareholders will vote on a proposal to raise up to $400 million—or its equivalent in naira or other currencies. The funds could be secured through a public offer, private placement, rights issue, or other approved methods. The board may also raise the capital in stages or through multiple instruments, depending on regulatory approvals. Shareholders will also consider restructuring the company’s share capital. The plan includes cancelling 61.65 billion issued ordinary shares, reducing the total issued share capital to N3.43 billion. Additionally, they will vote on consolidating 68.5 billion ordinary shares into 6.85 billion shares at a ratio of 10 for 1. If approved, the board will update the company’s Memorandum and Articles of Association to reflect these changes.

The proposed capital raise and share restructuring will require shareholder backing at the AGM. If approved, the company will have greater financial flexibility to support its growth plans. The board will then proceed with regulatory filings and adjustments to the share capital structure.

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