Sterling Financial Holdings Company Plc has announced a delay in filing its Audited Financial Statements for the fiscal year ending December 31, 2024, citing ongoing changes in its core banking systems. The disclosure, signed by Executive Director Olayinka Oni, attributes the delay to the transition of its subsidiary, Sterling Bank, to a new core banking application.
The company had initially scheduled a board meeting for February 26, 2025, to review the financial statements. However, just two days before the meeting, Sterling informed the public and the Nigerian Exchange Group (NGX) that the report would not be ready on time.
“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,” the board stated in its February 24 disclosure.
Despite the delay, Sterling assured stakeholders that the audited report would be released before April 30, 2025, pending regulatory approvals. The company also confirmed that it would observe a closed period in compliance with NGX regulations, restricting directors and insiders from trading the company’s securities until 24 hours after the release of both the audited full-year 2024 and unaudited Q1 2025 financial statements.
In January 2025, Sterling released its unaudited full-year financials, reporting a 97.21% surge in pre-tax profit to N44.7 billion, up from N22.6 billion in 2023. The company attributed this growth to a 67.09% rise in net interest income and a 42.54% increase in core operational income. Earnings per share climbed 72% to N1.29, while total assets expanded to N3.52 trillion, marking a 39.05% year-on-year increase.
While investors await the audited results, Sterling’s strong unaudited performance suggests resilience amid ongoing system upgrades. However, market watchers will be keen to see if the final report aligns with preliminary figures once the audit process is completed.
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