CBN sanctions Sterling Financial Holdings N379m in 2024FY

The Central Bank of Nigeria (CBN) has imposed a N379 million sanction on Sterling Financial Holdings in the 2024 financial year.

The lender was in 2023 sanctioned N28.75 million for falling to comply with two market rules and regulations.   

In the  2024FY, the CBN imposed sanction on the Holdings for failing wiith comply wiith five market infractions that comprise of delay in the recruitment of Chief Audit Executive (CAE) for alternative ban, Late rendition of regulatory returns, among other market rules & regulatons.

Among the sanctions in 2024 was failng to comply with AML/CFT/CPF examination and the CBN imposed a sanction of N205milliion.

According to the bank’s 2024 financial statement, the bank paid N150million for mystery shopping and spot checks on cash disbursements and N20 million.

In additiion, the CBN imposed N2 million sanction on Sterling Financial Holdings  for risk Based Supervisory (RBS) Report for October 1, 2022 to September 30, 2023 and delay in the recruitment of Chief Audit Executive (CAE) for Alternative Bank, respectively.

Sterling Financial Holdings in 2024 declared N43.68 billion profit after tax in the 2024 audited financial year ended December 31, 2024, about 102.4 per cent growth from N21.58billion profit after tax reported in the full year ended December 31, 2023.

The lender on the Nigerian Exchange Limited (NGX) announced N45.86billion profit before tax in 2024FY, about 102.1 per cent growth from N22.69billion in 2023FY.

On impressive profit, the management of Sterling Financial Holdings Company is rewarding shareholders with a final Dividend of 18 kobo per ordinary share of 50 kobo each.

The profit & loss figures, the bank posted N337.2 billion gross earnings in 2024, up by 52 per cent from N221.77billion reported in 2023FY.

The Group closed 2024 with a total assets of N3.5 trillion, representing an increase of nearly 40 per cent from N2.53 trillion declared in 2023FY.

The growth in total assets was driven by N2.52 trillion customers deposits from customers in 2024, a growth oof 37 per cent from N1.84 trillion in 2023, while loans from customers increased to N1.1 trillion in 2024, about 23 per cent growth from N895.8 billion reported in 2023.

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