Sterling Financial Holdings Company LimitedNSENG: STERLINGNG

Quarter 3 - financial statement for 2025

Oct 30, 2025 at 4:22 PM UTC · Issued by Sterling Financial Holdings Company Limited

Sterling Financial Holdings Company Plc Condensed Unaudited Group Interim Financial Statements September 2025

Sterling Financial Holdings Company Plc and Subsidiaries Condensed Unaudited Interim Financial Statements for the Period Ended 30 September 2025

TABLE OF CONTENT

Page

Report of the Directors 1

Corporate Governance Report 4

Statement of Corporate Responsibility for the Financial Statements 8

Condensed Statement of Profit or Loss 9

Condensed Statement of Financial Position 10

Condensed Statements of Changes in Equity 11

Condensed Statements of Cash Flows 13

Notes to the Condensed Financial Statements 14

Directors' Report

For the period ended 30 September 2025

The Directors present their third quarter report on the affairs of Sterling Financial Holdings Company Plc ("the Company"), together with the unaudited Group Financial Statements for the quarter ended 30 September, 2025.

Principal activity and business review

The principal activity of Sterling Financial Holdings Company Plc (the Company) is to carry on business as a non-operating financial holding company investing in companies as may be approved by the Board of Directors and in accordance with the Central Bank of Nigeria's permissible activities. The Company has 3 (three) subsidiaries - Sterling Bank Limited, a commercial bank; Alternative Bank Limited, a non-interest bank; and SterlingFi Wealth Management Ltd, an asset management company.

Legal form

Sterling Financial Holdings Company Plc was incorporated on 13 October 2021 as a private limited liability company and re-registered as a public company on 16 November 2022. The Company's shares were listed on Nigerian Exchange Limited on 6 April 2023. The Central Bank of Nigeria issued the Company its final license on 27 June 2023 and the Company commenced operations on 1 July 2023.

Operating results

Highlights of the Group and Company's operating results for the period are as follows:

Group Company

In millions of Naira September 2025 September 2024 September 2025 September 2024

Gross earnings	341,665		237,161		3,966		1,604
Profit before taxation	70,960		29,418		660		149
Taxation	(8,663)		(1,972)		(209)		(11)
Profit after taxation	62,297		27,446		451		138
Transfer to reserves	13,807		6,674		-		-
Transfer to general reserve	48,490		20,772		451		138
	62,297		27,446		451		138
Earnings per share (kobo) - Basic	128k			95k		1k 0k
Earnings per share (kobo) - diluted	128k			95k		1k 0k
	September 2025		December 2024			September 2025 December 2024
NPL Ratio	5.3%	5.4%		-		-

Directors who served during the period

The following Directors served during the period under review:

Name Designation Interest represented

Mr. Adeyemi Adeola Chairman Alfanoma Nigeria Limited Silverlake Investments Limited Reduvita Limited
Quakers Integrated Services Limited Concept Features Limited
Ms. Eniye Ambakederemo Independent Director Non-Executive
Mr. Adeshola Adekoya
Director STB Building Society Limited
Eltees Properties
Rebounds Integrated Services Limited
Ms. Aisha Bashir Independent Director Non-Executive
Mr. Abubakar Suleiman
Mr. Ashutosh Kumar
Director
Non-Executive
Director State Bank of India
Mr. Yemi Odubiyi Managing Director
Mr. Olayinka Oni Executive Director

Going Concern

The Directors assess the Group and the Company's future performance and financial position on an on-going basis and have no reason to believe that the Group will not be a going concern in the period ahead. For this reason, these financial statements are prepared on a going concern basis.

Directors interests in shares

Interest of Directors in the issued share capital of the Company as recorded in the Register of members and/or as notified by them for the purpose of section 301 of the Companies and Allied Matters Act 2020 were as follows:

Number of shares

Names	September 2025 Direct	September 2025 Indirect	December 2024 Direct	December 2024 Indirect
1 Mr. Adeyemi Adeola	72,000,031	12,184,865,403	57,600,025	1,443,034,413
2 Ms. Eniye Ambakederemo	-	-	-	-
3 Mr. Adeshola Adekoya	-	1,552,927,175	-	1,311,980,527
4 Ms. Aisha Bashir	-	-	-	-
5 Mr. Abubakar Suleiman	600,000,000	-	419,989,474	-
6 Mr. Ashutosh Kumar	-	2,549,505,026	-	2,549,505,026
7 Mr. Yemi Odubiyi	729,420,773	-	376,417,493	-
8 Mr. Olayinka Oni	53,916,501	-	15,391,539	-

Director's interests in contracts

For the purpose of Section 303 of the Companies and Allied Matters Act, 2020, none of the current Directors had direct or indirect interest in contracts or proposed contracts with the Group during the year.

Director's Remuneration

The Company ensures that remuneration paid to its Directors comply with the provisions of the codes of corporate governance issued by its regulators.

In compliance with Section 16.8 of the Nigerian Code of Corporate Governance, the Company hereby disclose the remuneration paid to its Directors as follows:

Type of Package Fixed

Description

Timing

1	Basic Salary	Part of gross salary package for Executive Directors only, reflects the financial services industry competitive salary package and the extent to which the Company's objectives have been met for the financial year.	Paid monthly during the financial year
2	Other Allowances	Part of gross salary package for Executive Directors only, reflects the financial services industry competitive salary package and the extent to which the Company's objectives have been met for the financial year.	Paid periodically during the financial year
3	Productivity Bonus	Paid to Executive Directors only and tied to performance of their line reports. It is also a function of the extent to which the Company's objectives have been met for the financial year.	Paid annually in arrears
4	Director Fees	Paid to Non-Executive Directors only.	Paid twice a year, in January and July
5	Sitting Allowances	Allowances paid to Non-Executive Directors only for attending Board and Board Committee meetings.	Paid after each meeting

Beneficial ownership

The Company is owned by Nigerian citizens, corporate bodies and foreign investors.

Analysis of shareholding

The range analysis of the distribution of the shares of the Company as at 30 September 2025 is as follows:

Range of shares	Number of holders	%	Number of units	%
1 - 1,000	38,741	38.40%	17,780,359	0.03%
1001 - 5,000	29,582	29.32%	67,637,822	0.13%
5,001 - 10,000	10,024	9.94%	69,500,107	0.13%
10,001 - 20,000	7,898	7.83%	108,599,310	0.21%
20,001 - 50,000	5,867	5.82%	186,452,820	0.36%
50,001 - 100,000	3,414	3.38%	242,511,171	0.47%
100,001 - 200,000	2,213	2.19%	316,456,344	0.61%
200,001 - 500,000	1,677	1.66%	528,666,379	1.01%
500,001 - 10,000,000	1,328	1.32%	2,195,787,982	4.21%
Above 10,000,001	132	0.13%	34,390,190,871	65.99%
Foreign shareholding	4	0.01%	13,993,429,249	26.85%
	100,880	100.00%	52,117,012,414	100.00%

The following shareholders have shareholdings of 5% and above as at 30 September 2025:

	September 2025 Holding (units)	September 2025 % holding		December 2024 Holding (units)	December 2024 % holding
Cardinal Stone Asset Management
Limited (Sterling Closed Investment
Fund)	16,666,666,667	31.98%		16,666,666,667	36.66%
Silverlake Investments Limited	10,741,830,990	20.61%		7,197,604,531	15.83%
Ess-ay Investments Limited	2,678,152,467	5.14%		-	-
State Bank of India	-		-	2,549,505,026	5.61%
Total Substantial Shareholdings	30,086,650,124	57.73%		26,413,776,224	58.10%

Acquisition of own shares

The Company did not acquire any of its shares during the period ended 30 September 2025 (31 December 2024: Nil).

Property, plant and equipment

Information relating to changes in property, plant and equipment is given in Note 26 to the consolidated and separate financial statements.

Employment and employees

Employment of disabled persons
The Company has a non-discriminatory policy on recruitment. Applications would always be welcomed from suitably qualified disabled persons and are reviewed strictly on qualification. The Company's policy is that the highest qualified and most experienced persons are recruited for appropriate job levels irrespective of an applicant's state of origin, ethnicity, religion or physical condition.
Health, safety and welfare of employees
Health and safety regulations are in force within the Comapny's premises and employees are aware of existing regulations. The Company provides subsidies to all levels of employees for medical expenses, transportation, housing, lunch etc.
Employee training and development
The Company is committed to keeping employees fully informed as much as possible regarding the Company's performance and progress and seeking their opinion where practicable on matters, which particularly affect them as employees.
Training is carried out at various levels through both in-house and external courses. Incentive schemes designed to encourage the involvement of employees in the Company's performance are implemented whenever appropriate.
Events after reporting date

There were no events after the reporting date which could have had a material effect on the state of affairs of the Company as at 30 September 2025 or the profit for the period ended on that date which have not been adequately provided for or disclosed.

BY ORDER OF THE BOARD:

Adeyoola Temple

Group Head, Company Secretariat FRC/2015/PRO/NBA/002/00000012648

20 Marina, Lagos, Nigeria. October 29, 2025

Corporate Governance

The Company complies with the relevant provisions of the Nigerian Code of Corporate Governance, the Nigerian Securities & Exchange Commission (SEC) Corporate Governance Guidelines and the Central Bank of Nigeria (CBN) Corporate Governance Guidelines for Financial Holding Companies in Nigeria.

Board Composition and Committee Board of Directors

The Board of Directors (the 'Board') is made up of the Non-Executive Chairman, Non-Executive Directors and Executive Directors who

oversee the corporate governance of the Company. The members are as follows:

Mr. Yemi Adeola Chairman
Mr. Adeshola Adekoya Non- Executive Director
Ms. Eniye Ambakederemo Independent Director
Ms. Aisha Bashir Independent Director
Mr. Abubakar Suleiman Non-Executive Director
Mr. Ashutosh Kumar Non-Executive Director
Mr. Yemi Odubiyi Managing Director
Mr. Olayinka Oni Executive Director

Board Committees

The Board carries out its oversight functions through its various committees each of which has clearly defined terms of reference and a charter that has been approved by the Central Bank of Nigeria. The Board has four (4) standing committees, Board Finance & Investment Committee, Board Audit Committee, Board Risk Management Committee and Board Governance, Nomination & Remuneration Committee. In line with best practice, the Chairman of the Board is not a member of any of the Committees. The composition and responsibilities of the committees are set out below:

Board Finance and Investment Committee

The Committee acts on behalf of the Board on all matters relating to financial management and reports to the Board for approval/ratification.

Terms of reference

Determine the policies and strategies relating to capital management of the Company, and oversee and monitor the implementation of these policies, strategies and financial objectives with a view to maximizing overall shareholder value;
Ensure finance and investment decisions are in alignment with corporate objectives and strategy;
Ensure adequate budget and planning processes exist, and performance is measured against annual budget;
Approve and recommend dividend and tax policies to the Board;
Recommend dividend and tax policies to the Board for approval.
Review the adequacy of financial systems, operations and internal controls;
Approve capital and major operating expenditure and investment limits recommended by management;
Ensure that reporting on issues related to investment and finance are comprehensive for proper deliberation and decision making;
Ensure investment strategies, policies and guidelines are in compliance with all applicable regulations;
Consider and approve proposals for significant acquisitions, mergers, takeovers, divestments of operating companies, equity investment and new strategic alliances by the Company or its subsidiaries subject to the final approval of the Board;
Formulate guidelines from time to time on cost control and reduction, consistent with maximum efficiency, and make appropriate recommendations to the Board;
Review and report to the Board on, the Company's financial projections, capital and operating budgets, and actual financial results against targets and projections;
Review and recommend to the Board all new business initiatives, especially those requiring a significant capital outlay above management limit;
Determine an optimal investment mix consistent with risk profile agreed by the Board; and
Carry out such other functions relating to finance and investment strategy as the Board may from time to time determine. The members are as follows:
1. Mr. Adeshola Adekoya Chairman
2. Mr. Abubakar Suleiman Member
3. Ms. Aisha Bashir Member
4. Mr. Yemi Odubiyi Member
5. Mr. Olayinka Oni Member
  Board Audit Committee
  The Committee is responsible for evaluating and handling issues relating to Internal and External Audit in the Company.
  Terms of reference
Oversee the assessment of the qualification, independence and performance of the Internal Audit function;
Review significant findings and recommendations by Internal Audit and Management responses thereof;
Review implementation of Internal Audit recommendations by Management;
Ensure that the operations of the Internal Audit function is in compliance with acceptable International Standards for the Professional Practice of Internal Auditing;
Ensure Management develops a comprehensive internal control framework and oversses its effectiveness;
Ensure that adequate whistle-blowing procedures are in place;
Review the proposed audit plan(s) and review the results of internal audits completed since the previous Committee meeting as well as the focus of upcoming internal audit projects;
Review the results of the annual audit report and discuss the annual financial statements with external auditors and Management;
Review the auditors' management control letter presented by the external auditors and ensure adequacy of Management's
response;
Review with the Chief Financial Officer annually the significant financial reporting issues and practices of the Company, and ensure that appropriate accounting principles are applied including financial controls relating to the "closing of the books" process;
Meet separately, and at least quarterly, with the Chief Financial Officer, the Chief Internal Auditor and relevant Senior Management staff to discuss the adequacy and effectiveness of accounting and financial controls of the Company;
Ensure that the tenure of an appointed External Auditor shall be for a maximum period of ten (10) years as mandated by the CBN and SEC code of corporate governance;
Maintain a mechanism for receiving complaints regarding the Company's accounting and operating procedures.
Review legal and regulatory matters, contingent liabilities or other sensitive information that may have a material effect on the
Group's financial statements, systems of internal control or regulatory compliance; and
Provide to the Board such assurances as it may reasonably require regarding compliance by the Company. The members are as follows:
1. Ms. Eniye Ambakederemo Chairperson
2. Mr. Adeshola Adekoya Member
3. Mr. Ashutosh Kumar Member
  Board Risk Management Committee
  The Committee is responsible for evaluating and handling issues relating to Risk Management in the Company.
  Terms of reference
Ensure that there are standards, policies and processes in place to identify and measure all material risks and respond appropriately;
Re-evaluate all risk management policies on a periodic basis to accommodate major changes in internal or external factors; and ensure that changes are in the line with the Company's risk profile and appetite;
Review executive management reports, detailing the adequacy and overall effectiveness of the Company's risk and capital Management documents-including policies, procedures and processes for the identification, measurement, monitoring and control of risk management;
Ensure that Management implements specific limits or tolerance levels that are aligned with overall risk appetite levels as set by the Board;
Ensure there are effective controls in place to minimize operational risks and optimize value;
Review the adequacy and effectiveness of compliance programmes;
Ensure that the Company's risk management policies and practices are disclosed in the annual report.
Make recommendations to the Board concerning the levels of risk capacity and tolerance, and ensure that they are managed within these parameters;
Review the compliance processes in place and ensure that any changes to legal and regulatory requirements are identified and
reflected in the Company's processes;
Evaluate the nature and effectiveness of action plans implemented to address identified compliance weaknesses; and
Provide to the Board such assurances as it may reasonably require regarding compliance by the Company. The members are as follows:
1. Ms. Aisha Bashir Chairperson
2. Mr. Adeshola Adekoya Member
3. Mr. Abubakar Suleiman Member
4. Mr. Yemi Odubiyi Member
  Board Governance, Nomination & Remuneration Committee
  The Committee acts on behalf of the Board on all matters relating to corporate governance, remuneration and the appointment and re-election of Directors.
  Terms of reference
Review the size and composition of the Board taking into consideration the appropriate skill mix, personal qualities, expertise,
ability to exercise independent judgment and diversity required to discharge the Board's duties;
Make recommendations on the experience and training required for Board Committee membership, operating structure, and other operational matters;
Establish the criteria and execute the process, upon Board approval, for appointing and re-appointing new and existing Directors respectively, and the removal of non-performing Directors;
Ensure that every member of the Board receives a formal letter of appointment, setting out their roles, responsibilities, time
commitments for Board and Board Committees' meetings;
Develop and maintain an appropriate corporate governance framework for the Company, and make recommendation to the Board on transparent and sound corporate governance principles;
Develop job specification and Key Performance Indicators (KPIs), which shall be approved by the Board for the role of the Chairman and the Non-Executive Directors;
Ensure the Board carries out annual performance review of itself and that of its Committees in accordance with applicable laws, regulations, policies and codes. The result of the exercise shall be reviewed by this Committee who shall also ensure the recommendations following the evaluation report are implemented;
Ensure that there is a proper induction programme and ongoing learning for the Board and Board committee members;
Provide adequate oversight in reviewing and updating the Board learning programmes to ensure continuous improvement of the
Board members' performance;
Ensure that a proper succession policy and plan exists for Board members and members of its subsidiaries;
Develop, review and recommend the remuneration policy to the Board for approval;
Review and recommend to the full Board, compensation for the Chief Executive officer and senior management staff. The committee shall ensure its recommendations are in accordance with the Company's remuneration policy, the provisions of the CBN and SEC Codes of corporate governance and all applicable laws;
Ensure that salary scales are set within the general Company's business policy;
Make recommendations to the Board, reinforcing sound corporate governance principles, on the incentive structure of the Company including executive compensation and bonuses;
Provide input to the annual report of the Company on Directors' compensation, aligning with the provisions of the CBN and SEC Codes;
Perform other duties related to the Company's compensation structure in accordance with applicable laws, rules, policies and regulation; and
Conduct periodic peer review of compensation and remuneration levels to ensure the Company remains competitive; and
Undertake other reviews as the Committee deems necessary in order to fulfil its responsibilities as may be requested by the Board.
The members are as follows:
1. Ms. Eniye Ambakederemo Chairperson
2. Mr. Abubakar Suleiman Member
3. Ms. Aisha Bashir Member
  Statutory Audit Committee
  The Committee meets every quarter, but could also meet at any other time, as the need arises.
  Terms of reference
To make recommendations to the Board to be put to the Shareholders for approval at the AGM regarding the appointment, removal and remuneration of the external auditors of the Company;
To authorise the internal auditor to carry out investigations into any activities of the Company which may be of interest or concern to the Committee;
To review and approve the annual audit plan and ensure that it is consistent with the scope of audit engagement, having regard to the seniority, expertise and experience of the audit team;
To review representation letter(s) requested by the external auditors before they are signed by Management;
To review the Management Letter and Management's Response to the auditor's findings and recommendations;
To assist in the oversight of the integrity of the Company's financial statements, compliance with legal and other regulatory requirements, assessment of qualifications and independence of the external auditor, and performance of the Company's internal audit function as well as that of external auditors;
To establish an internal audit function and ensure there are other means of obtaining sufficient assurance of regular review or appraisal of the system of internal controls in the Company;
To ensure the development of a comprehensive internal control framework for the Company, obtain assurance and report
annually in the financial report, on the operating effectiveness of the Company's internal control framework;
Statutory Audit Committee - Continued
To review such other matters in connection with overseeing the financial reporting process and the maintenance of internal controls as the Committee shall deem appropriate;
To oversee management's process for the identification of significant fraud risks across the Company and ensure that adequate prevention, detection and reporting mechanisms are in place;
At least on an annual basis, obtain and review a report by the internal auditor describing the strength and quality of internal controls including any issues or recommendations for improvement, raised by the most recent internal control review of the Company;
Discuss the annual audited financial statements and half yearly unaudited statements with Management and external auditors;
Discuss policies and strategies with respect to risk assessment and management;
Meet separately and periodically with Management, internal auditors and external auditors;
To review and ensure that adequate whistle-blowing procedures are in place;
To review, with the external auditors, any audit scope limitations or problems encountered and management's responses to same;
To review the independence of the external auditors and ensure that where non-audit services are provided by the external auditors, there is no conflict of interest;
To consider any related party transactions that may arise within the Company;
Invoke its authority to investigate any matter within its terms of reference for which purpose the Company must make available the resources to the internal auditors with which to carry out this function, including access to external advice where necessary;
Prepare the Committee's report for inclusion in the Company's Annual Report; and
Report to the Board regularly at such times as the Committee shall determine necessary. The members are as follows:
1. Alhaji Mustapha Jinadu, FC.IoD Chairman
2. Mr. Adeshola Adekoya Member
3. Mr. Idongesit E. Udoh Member
4. Ms. Christie O. Vincent Member
5. Ms. Eniye Ambakederemo Member

Management Committee

1 Executive Committee (ExCo)

The Committee provides leadership to the Company and ensures the implementation of the Company's strategies and long-term goals approved by the Board.

Whistle Blowing Process

Whistle blowing process is a mechanism by which suspected breaches of the Group's internal policies, processes, procedures and unethical activities by any stakeholder (staff, customers, suppliers and applicants) are reported for necessary actions.

It ensures a high degree of integrity and transparency in order to achieve efficiency and effectiveness in the Company's operations.

The reputation of the Company is of utmost importance and every staff of the Company has a responsibility to protect the Company from any persons or act that might jeopardize its reputation. Staff are encouraged to speak up when faced with information that would help protect the Company's reputation.

An essential attribute of the process is the guarantee of confidentiality and protection of the whistle blower's identity and rights. It should be noted that the ultimate aim of this policy is to ensure efficient service to the customer, good corporate image and business continuity in an atmosphere compliant with best industry practice.

The Company has a Whistle Blowing channel via the Company's website, dedicated telephone hotlines, and e-mail address in

compliance with provisions of the CBN Guidelines for Whistleblowing for Banks and Other Financial Institutions in Nigeria.

The Company's Chief Compliance Officer is responsible for monitoring and reporting on whistle blowing.

Compliance Statement on Securities Trading by Interested Parties

The Company has put in place a Policy on Trading on the Company's Securities by Directors and other key personnel of the Company.

During the period under review, the Directors and other key personnel of the Company complied with the terms of the Policy and the provisions of Section 14 of the Amendment to the Listing Rules of The Nigerian Exchange Group.

Complaint Management Policy

The Company has put in place a Complaint Management Framework guiding the resolution of disputes with stakeholders on issues relating to the Investment and Securities Act.

Sterling Financial Holdings Company Plc and Subsidiaries Condensed Unaudited Interim Financial Statements for the Period Ended 30 September 2025

STATEMENT OF CORPORATE RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

In accordance with section 405 of the Companies and Allied Matters Act of Nigeria 2020, the Chief Executive Officer and the Chief Financial Officer certify that the financial statements have been reviewed and based on our knowledge, the
1. condensed unaudited financial statements do not contain any untrue statement of material fact or omit to state a material fact, which would make the statements misleading, in the light of the circumstances under which such statement was made, and
2. condensed unaudited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operation of the company as of and for, the periods covered by the unaudited financial statements;
We state that management and directors:
1. are responsible for establishing and maintaining internal controls and has designed such internal controls to ensure that material information relating to the Group is made known to the officer by other officers of the group and company, particularly during the period in which the condensed unaudited financial statement report is being prepared.
2. has evaluated the effectiveness of the group's internal controls within 90 days prior to the date of its condensed unaudited financial statements, and
3. certifies that the group's internal controls are effective as of that date;
We have disclosed:
1. all significant deficiencies in the design or operation of internal controls which could adversely affect the group and company's ability to record, process, summarize and report financial data, and has identified for the group any material weaknesses in internal controls, and
2. whether or not, there is any fraud that involves management or other employees who have a significant role in the group
  and company's internal control; and
3. as indicated in the report, whether or not, there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The condensed unaudited financial statements of the Group and the Company for the quarter ended 30 September 2025 were approved by the directors on October 29, 2025.

Yemi Odubiyi

Signed by:

Adebimpe Olambiwonnu, FCA

Chief Finance Officer Group Chief Executive Officer

FRC/2013/PRO/ICAN/001/00000001253 FRC/2013/PRO/DIR/003/00000001279

# aPublic 8

Sterling Financial Holdings Company Plc and Subsidiaries Condensed Unaudited Interim Financial Statements for the Period Ended 30 September 2025

Condensed Statement of Profit or Loss

For the period ended 30 September 2025

Group Company Group Company

In millions of Naira

Notes September

2025

September

2024

September

2025

September

2024

Quarter 3

2025

Quarter 3

2024

Quarter 3

2025

Quarter 3

2024

Interest income	3	262,418	189,157	1,550	929	95,258	68,279	554	442
Interest expense 4 (119,376) (96,191) - - (49,631) (32,899) - -
Net interest income		143,042	92,966	1,550	929	45,627	35,380	554	442
Net Fees and commission income	5	35,880	23,132	-	-	13,814	7,914	-	-
Net trading income	6	22,776	12,782	-	-	9,763	399	-	-
Other operating income	7	20,591	12,090	2,416	675	10,218	8,367	637	127
Operating income		222,289	140,970	3,966	1,604	79,422	52,060	1,191	569
Credit loss expense on financial assets	8	(8,085)	(7,161)	-	-	(2,871)	(2,695)	-	-
Net operating income after impairment 214,204 133,809 3,966 1,604 76,551 49,365 1,191 569
Personnel expenses	9	(40,562)	(22,684)	(1,307)	(496)	(16,913)	(9,034)	(537)	(160)
Other operating expenses	10	(40,751)	(29,876)	(151)	(73)	(14,574)	(10,584)	(32)	(41)
General and administative expenses	11	(41,167)	(31,344)	(1,589)	(758)	(11,436)	(9,206)	(533)	(368)
Other property, plant and equipment cost	12	(14,675)	(16,738)	(195)	(67)	(5,979)	(7,295)	(52)	(20)
Depreciation and amortisation	13	(6,089)	(3,749)	(64)	(61)	(2,237)	(1,174)	(27)	(21)
Total expenses (143,244) (104,391) (3,306) (1,455) (51,139) (37,293) (1,181) (610)
Profit before income tax		70,960	29,418	660	149	25,412	12,072	10	(41)
Income tax expense	14(a)	(8,663)	(1,972)	(209)	(11)	(4,890)	(888)	7	(11)
Profit for the period 62,297 27,446 451 138 20,522 11,184 17 (52)
Earnings per share - basic (in kobo)	15	128k	95k	1k	0k
Earnings per share - diluted (in kobo)	15	128k	95k	1k	0k
Statement of Other comprehensive income
In millions of Naira		September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
		2025	2024	2025	2024	2025	2024	2025	2024
Profit for the period		62,297	27,446	451	138	20,522	11,184	17	(52)
Items that will not be reclassified to profit or loss in
subsequent periods: Fair value loss on equity instruments at fair value				-
through other comprehensive income 229 3,651 - - (428) 669 - -

Total items that will not be reclassified to profit or

loss 229 3,651 - - (428) 669 - -

Items that will be reclassified to profit or loss in subsequent periods:

- Debt instruments measured at fair value through other comprehensive income: :

- Net change in fair value during the period 21,267 (6,939) - - 19,704 5,523 - -

Net gains/(losses) on financial investments at fair

value through

other comprehensive income: 21,267 (6,939) - - 19,704 5,523 - -

Other comprehensive loss for the period, net of tax 21,496 (3,288) - - 19,276 6,192 - -Total comprehensive (loss)/income for the period,

net of tax 83,793 24,158 451 138 39,798 17,376 17 (52)

# PUBLIC 9

Sterling Financial Holdings Company Plc and Subsidiaries Condensed Unaudited Interim Financial Statements for the Period Ended 30 September 2025

Condensed Statement of Financial Position

As at 30 September 2025

Group Company

In millions of Naira	Notes	September 2025	December 2024		September 2025		December 2024
Assets Cash and balances with Central Bank of Nigeria	16	781,517	867,125		-		-
Due from Banks	17	742,720	569,455		8,072		14,735
Pledged financial assets	18	15,275	28,675		-		-
Loans and advances to Customers	20	1,217,211	1,103,970		-		-
Investment securities:
- Debt instruments at fair value through profit or
loss 21(a) - Debt instruments at fair value through other		55,147	27,491		-		-
comprehensive income 21(b) - Equity instruments at fair value through other		626,565	485,529		-		-
comprehensive income 21(c)		52,644	48,635		-		-
- Debt instruments at amortised cost 21(d)		82,566	81,369		-		-
Investment in subsidiary 22		-	-		251,775		225,819
Other assets	23	399,287		219,964		2,012		5,632
Right-of-use asset	24	12,663		12,106		-		-
Investment Property	25	2,605		4,036		-		-
Property, plant and equipment	26	66,663		56,974		1,000		236
Intangible assets	27	3,353		3,263		-		-
Deferred tax assets	14(c)	33,348		33,348		-		-
Total Assets		4,091,564		3,541,940		262,859		246,422
Liabilities Deposits from Banks	28	138,675		49,364		-		-
Deposits from Customers	29	2,879,541		2,518,512		-		-
Derivative financial liabilities	19	2,077		-		-		-
Current income tax liabilities	14(b)	8,002		3,382		203		953
Other borrowed funds	30	263,086		213,834		-		-
Debt securities issue	31	35,494		34,056		-		-
Other liabilities	32	336,480		394,927		878		717
Lease Liability	33	1,751		1,800		-		-
Provisions	34	601		576		-		-
Deferred tax liabilities	14(c)	20,330		20,330		44		44
Total Liabilities		3,686,037		3,236,781		1,125		1,714
Equity Share capital	35	26,059		22,729		26,059		22,729
Share premium	35	130,918		108,292		130,918		108,292
Retained earnings		102,182		63,073		10,257		19,187
Other components of equity		146,368		111,065		94,500		94,500
Total equity		405,527		305,159		261,734		244,708

Total liabilities and equity		4,091,564		3,541,940		262,859		246,422

The consolidated and separate financial statements were approved by the Board of Directors on October 29, 2025 and signed on its behalf by:

Yemi Odubiyi

Adebimpe Olambiwonnu, FCA

Chief Finance Officer Group Chief Executive Officer

FRC/2013/PRO/ICAN/001/00000001253 FRC/2013/PRO/DIR/003/00000001279

Condensed Statement of changes in equity

For the period ended 30 September 2025 Group

	Share	Share	Fair value	Share	Regulatory	SMIEIS AGSMEIS		Statutory	Total other	Retained earnings	Total
	capital	premium	reserves	capital reserve	risk reserves	reserve	reserve	reserves	component of equity	Retained earnings	Total
In millions of Naira
Balance at 1 January 2025	22,729	108,292	23,049	5,276	36,386	235	6,523	39,596	111,065	63,073	305,159
Comprehensive income for the year	-	-	-	-	-	-	-	-	-	62,297	62,297
Other comprehensive income net of tax		-	21,496	-	-	-	-	-	21,496	-	21,496
Proceed from right issue	3,330	22,626	-	-	-	-	-	-	-	-	25,956
Transfer to other reserves	-	-	-	-	-	-	3,090	10,718	13,807	(13,807)	-
Dividends to equity holders	-	-	-	-	-	-	-	-	-	(9,381)	(9,381)
Balance at 30 September 2025	26,059	130,918	44,545	5,276	36,386	235	9,613	50,314	146,368	102,182	405,527

	Share capital	Share premium	Fair value reserves	Share capital reserve	Regulatory risk reserves	SMIEIS reserve	AGSMEIS reserve	Statutory reserves	Total other component of equity	Retained earnings	Total
In millions of Naira
Balance at 1 January 2024	14,395	42,759	19,036	5,276	22,926	235	4,489	31,982	83,944	42,506	183,604
Comprehensive income for the year	-	-	-	-	-	-	-	-	-	27,446	27,446
Other comprehensive income net of tax	-	-	(3,288)	-	-	-	-	-	(3,288)	-	(3,288)
Proceed from share issued	-	-	-	-	-		-	-	-		-
Transfer to other reserves	-	-	-	-	-	-	1,361	5,313	6,674	(6,674)	-
Dividends to equity holders	-	-	-	-	-	-	-	-	-	-	-
Balance at 30 September 2024	14,395	42,759	15,748	5,276	22,926	235	5,850	37,295	87,330	63,278	207,762

Company
	Share capital	Share premium	Fair value reserves	Share capital reserve	Regulatory risk reserves	SMIEIS AGSMEIS reserve reserve	Statutory Re-reserves organisation Reserve	Total other component of equity	Retained earnings	Total
In millions of Naira			- - - - - -	- - - - - -	- - - - - -	- - - - - - - - - - - -	- 94,500 - - - - - - - - - -	94,500 - - - - -
Balance at 1 January 2025	22,729	108,292							19,187	244,708
Comprehensive income for the year Other comprehensive income net of tax Proceed from right issue	- -3,330	- -22,626							451 - -	451 -25,956
Transfer to other reserves Dividends to equity holders	- -	- -							-(9,381)	-(9,381)
Balance at 30 September 2025	26,059	130,918	-	-	-	- -	- 94,500	94,500	10,257	261,734

	Share	Share	Fair value	Share capital	Regulatory	SMIEIS AGSMEIS	Statutory Re- organisation	Total other component	Retained earnings	Total
	capital	premium	reserves	reserve	risk reserves	reserve reserve	reserves Reserve	of equity	Retained earnings	Total
In millions of Naira Balance at 1 January 2024 Comprehensive income for the year Other comprehensive income net of tax Proceed from share issued Transfer (from)/to other reserves Dividends to equity holders Balance at 30 September 2024	14,395 - - - - -	42,759 - - - - -	- - - - - -	- - - - - -	- - - - - -	- - - - - - - - - - - -	- 94,500 - - - - - - - - - -	94,500 - - - - -	8,788 138 - - - -	160,442 138 - - - -
	14,395	42,759	-	-	-	- -	- 94,500	94,500	8,926	160,580

Condensed Statements of Cash Flow

For the period ended 30 September 2025

Group Company

September

In millions of Naira Notes 2025 2024					2025	2024
Operating activities Profit after tax 62,297 27,446					451	138
Adjustment for non cash items: Credit loss expense	8	8,085		7,161	-		-
Depreciation and amortisation	13	6,089		3,749	64		61
Gain on disposal of property and equipment	7	(480)		7	-		-
Increase/(Decrease) in Provision		-		24	-		-
Dividend received	7	(893)		(433)	-		-
Foreign exchange gain/loss		1,883		(1,659)	-		-
Income tax charge		7,862		1,972	209		11
Net interest income		(143,042)		(92,966)	(1,550)		(929)
Changes in operating assets:		(58,199)		(54,699)	(826)		(719)
Restricted balance with Central bank		52,353		(293,097)	-		-
Pledged assets		13,400		(161,065)	-		-
Derivative assets		-		(1,733)	-		-
Investment securities at FVTPL		(27,656)		(12,905)	-		-
Loans and advances to customers		(117,414)		(63,329)	-		-
Other assets		(175,444)		196,572	3,620		(2,163)
		(312,960)		(390,256)	2,794		(2,882)
Changes in operating liabilities: Deposit from banks		89,311		194,254	-		-
Deposits from customers		371,495		346,876	-		-
Derivative liabilities		2,077		-	-		-
Lease liability paid		(61)		2	-		-
Other liabilities		(51,323)		(40,453)	237		127
Cash generated from operations		98,539		110,423	3,031		(2,755)
Interest received		262,418		189,157	1,550		929
Interest paid on deposits from banks and customers		(104,293)		(68,224)	-		-
Income tax paid		(7,318)	(1,492) (1,035)				(10)
Net cash flows from operating activities		249,346	229,864 3,546				(1,836)
Investing activities Proceed from sale/redemption of debt instruments at FVOCI		214,959	594,176		-	-
Purchase of debt instruments at FVOCI		(334,728)	(832,171)		-	-
Redemption of debt investment held at amortised cost		14,751	56,134		-	-
Purchase of debt investment held at amortised cost		(15,973)	(15,724)		-	-
Right-of-use asset	24	(1,713)	(349)		-	-
Proceed from sales of investment properties		1,909	1,349		-	-
Purchase of investment properties	25	(500)	-		-	-
Purchase of property and equipment	26	(17,741)	(28,157)		(856)	(28)
Purchase of intangible assets	27	(806)	(121)		-	-
Proceeds from the sale of property and equipment		4,337	129		28	-
Purchase of equity instrument at FVOCI Investment in subsidiaries		(724) -	(2,239) -		-(25,956)	- -
Dividend received	7	893	433 -				-
Net cash flows from/(used in) investing activities		(135,336)	(226,540) (26,784)				(28)
Financing activities
Proceeds from other borrowed funds		77,100		28,174		-		-
Repayments of other borrowed funds		(25,768)		(44,242)		-		-
Interest paid on debt securities issued & borrowings		(13,633)		(26,537)		-		-
Proceeds from ordinary shares issued		25,956		-		25,956		-
Dividends paid to equity holders		(9,381)		-		(9,381)		-
Net cash flows from/(used in) financing activities		54,274		(42,605)		16,575		-
Net increase/(decrease) in cash and cash equivalents		168,284		(39,281)		(6,663)		(1,864)
Effect of exchange rate changes on cash and cash
equivalents		(28,274)		105,812		-		-
Cash and cash equivalents at beginning of the period		659,493		391,875		14,735		8,696
Cash and cash equivalents at end of the period	36	799,503		458,406 8,072		6,832

Notes to the Consolidated and Separate Financial Statements

For the period ended 30 September 2025

Corporate information
Sterling Financial Holdings Company Plc ("the Company") is a company incorporated in Nigeria with registered office at 20 Marina Lagos. These separate and consolidated financial statements, for the period ended 30 September 2025, are prepared for the Company and the Group (Holding Company and its subsidiaries, separately referred to as "Group entities") respectively.
The Group operating entities are engaged in commercial banking with emphasis on retail and consumer banking, trade services, corporate, investment and non-interest banking activities. It also provides wholesale banking services including the granting of loans and advances, letter of credit transactions, money market operations, electronic and mobile banking products and other banking activities.
Accounting policies
1. (a) Basis of preparation and statement of compliance
  The condensed consolidated and separate financial statements of the Company and its subsidiary have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in the manner required by the Companies and Allied Matters Act 2020, The Financial Reporting Council of Nigeria (Amendment) Act 2023, the Companys and Other Financial Institutions Act 2020, and relevant Central Bank of Nigeria circulars.
  The condensed consolidated and separate financial statements have been prepared on a historical cost basis, except for financial assets measured at fair value.
  1. Functional and Presentation currency
    The consolidated and separate financial statements are presented in Nigerian Naira and all values are rounded to the nearest million (N'million) except when otherwise indicated.
  2. Basis of Consolidation
    The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 30 September 2025. Sterling Financial Holdings Company Plc consolidates a subsidiary when it controls the entity. Control is achieved when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
    Generally, there is a presumption that a majority of voting rights results in control. However, under individual circumstances, the Company may still exercise control with less than 50% shareholding or may not be able to exercise control even with ownership over 50% of an entity's shares. When assessing whether it has power over an investee and therefore controls the variability of its returns, the Company considers all relevant facts and circumstances, including:
    - The purpose and design of the investee
    - The relevant activities and how decisions about those activities are made and whether the Company can direct those activities
    - Contractual arrangements such as call rights, put rights and liquidation rights
    - Whether the Company is exposed, or has rights, to variable returns from its involvement with the investee, and has the power to affect the variability of such returns
      Profit or loss and each component of OCI are attributed to equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
      When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intra-group assets, liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
      A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
      If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
  3. Seasonality of operations
    The impact of seasonality or cyclicality on operation is not regarded as significant to the condensed interim financial statement. The operation of the Group were even within the financial year.
  4. Issuance, repurchase and repayment of debts and equity securities
    During the period under review, the Group did not issue any commercial paper that resulted in an external inflow into the Bank.
  5. Significant events after the end of the reporting period
    There were no events after the reporting date which could have a material effect on the financial position of the Group and the Company as at 30 September 2025 and profit or loss and other comprehensive income attributable to equity holders on that date which have not been adequately adjusted for or disclosed.
  6. Dividends
    The Directors did not recommend the payment of any dividend for the Company's interim results for the period ended 30 September 2025.
  7. Changes to accounting policy
  The accounting policies adopted are consistent with those of the previous financial period.
2. Summary of material accounting policies
  The accounting policies applied by the Company in these condensed interim financial statements are the same as those applied by the Group in its consolidated financial statements as at 31 December 2024 (unless otherwise stated). Below are the significant accounting policies.
  1. Right-of-use assets
    The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term.
    The right-of-use assets are presented in Note 24 and are subject to impairment in line with the Group's policy as described in Impairment of non-financial assets.
  2. Lease liabilities
    Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising thereof is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
  3. Short-term leases and leases of low-value assets
    The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value (mainly offsite ATM space) assets recognition exemption to leases (i.e., below N2million). Lease payments on short term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
  4. Financial instruments
    - Recognition and initial measurement
      Regular purchases and sales of financial assets and liabilities are recognised on the trade date. A financial asset or financial liability is
      measured initially at fair value plus or minus, for an item not at fair value through profit or loss, direct and incremental transaction costs that are directly attributable to its acquisition or issue. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss at initial recognition. Financial assets that are transferred to third parties but do not qualify for derecognition are presented in the statement of financial position as "pledged asset" if the transferee has the right to sell or re-pledge them.
    - Classification of financial instruments
    The Group classified its financial assets under IFRS 9, into the following measurement categories:
    - Those to be measured at fair value through other comprehensive income (FVOCI) (either with or without recycling)
    - Those to be measured at fair value through profit or loss (FVTPL)); and
    - Those to be measured at amortised cost.
      The classification depends on the Group's business model for managing financial assets and the contractual cashflow characteristics of the financial asset (i.e solely payments of principal and interest- SPPI test). Directors determine the classification of the financial instruments at initial recognition.
      The Group classifies its financial liabilities as liabilities at fair value through profit or loss and liabilities at amortised cost.
      - Subsequent measurements Debt instruments
      The subsequent measurement of financial assets depend on its initial classification:
      Amortised cost: A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
    - The financial asset is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and
    - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
      The gain or loss on a debt investment that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is determined using the effective interest method and reported in profit or loss as 'Interest income'.
      The amortised cost of a financial asset or liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment.
      Fair value through other comprehensive income (FVOCI): Investment in debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated as FVTPL:
    - the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
    - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
    The debt instrument is subsequently measured at fair value. Gains and losses arising from changes in fair value are included in other comprehensive income (OCI) and accumulated in a separate component of equity. Impairment gains or losses, interest revenue and foreign exchange gains and losses are recognised in profit and loss. Upon disposal or derecognition, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other operating income. Interest income from these financial assets is determined using the effective interest method and recognised in profit or loss as 'Interest income'.
    The measurement of credit impairment is based on the three-stage expected credit loss model as applied to financial assets at amortised cost.
    Fair value through profit or loss (FVTPL): Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. The gain or loss arising from changes in fair value of a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is included directly in the profit or loss and reported as 'Net trading income in the period in which it arises. Interest income from these financial assets is recognised in profit or loss as 'Interest income'.
    Equity instruments
    The Group subsequently measures all equity investments at fair value. For equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis. Where the Group's management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments continue to be recognised in profit or loss as other operating income when the Group's right to receive payments is established unless the dividend clearly represents a recovery of part of the cost of the investment. All equity financial assets are classified as measured at FVOCI. Where the Group has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss.
    - Business model assessment
    The Group makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes:
    1. The stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management's strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of the assets;
    2. How the performance of the portfolio is evaluated and reported to the Group's management;
    3. The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;
    4. How managers of the business are compensated e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and
    5. The frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group's stated objective for managing the financial assets is achieved and how cash flows are realised.
      Financial assets that are held for trading or managed and whose performance is evaluated on a fair value basis are measured at FVTPL because they are neither held to collect contractual cash flows nor held both to collect contractual cash flows and to sell financial assets.
      Assessment of whether contractual cash flows are solely payments of principal and interest on principal
      For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin.
      In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Group considers:
      - contingent events that would change the amount and timing of cash flows;
      - leverage features;
      - prepayment and extension terms;
      - terms that limit the Group's claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and
      - Features that modify consideration of the time value of money - e.g. periodical reset of interest rates.
        The Group holds a portfolio of long-term fixed rate loans for which the Group has the option to revise the interest rate at future dates. These reset rights are limited to the market rate at the time of revision. The right to reset the rates of the loans based on the revision in market rates are part of the contractually agreed terms at inception of the loan agreement, therefore the borrowers are obligated to comply with the reset rates without any option of repayment of the loans at par at any reset date. The Group has determined that the contractual cash flows of these loans are solely payments of principal and interest because the option varies with the interest rate in a way that is considered a consideration for the time value of money, credit risk, other basic lending risks and costs associated with the principal amount outstanding. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
        Reclassifications
        Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Group changes its business model for managing financial assets that are debt instruments. A change in the objective of the Group's business occurs only when the Group either begins or ceases to perform an activity that is significant to its operations (e.g., via acquisition or disposal of a business line).
        The following are not considered to be changes in the business model:
      - A change in intention related to particular financial assets (even in circumstances of significant changes in market conditions)
      - A temporary disappearance of a particular market for financial assets
      - A transfer of financial assets among parts of the entity with different business models
    When reclassification occurs, the Group reclassifies all affected financial assets in accordance with the new business model. Reclassification is applied prospectively from the 'reclassification date'. Reclassification date is 'the first day of the first reporting period following the change in business model. Gains, losses or interest previously recognised are not restated when reclassification occurs.
    The Group may only sell insignificant portion of debt instruments measured at amortised cost frequently without triggering a change in business model. If the Group sells significant portions, this will not be more than twice a year subject to cases of unlikely to reoccur events such as:
    - Run on the Company/stressed liquidity scenarios
    - Credit risk event i.e. perceived issuer default
    - In the event of merger and takeover, the Company may sell portion of the portfolio if the security holdings violates set limits
    - Other one-off events
      Significance is defined to mean 5% of the portfolio value and subject to the policy on frequency above.
      The Group may sell debt instruments measured at amortised cost without triggering a change in business model if the sale is due to deterioration in the credit quality of the financial assets or close to maturity. A financial asset is said to be close to maturity if the outstanding tenor of the financial asset from the time of issue is 25% or less of the original tenor.
      Sales close to maturity are acceptable if the proceeds from the sales approximate the collection of the remaining contractual cash flows. At the point of sale an assessment will be conducted to determine that the cash flows expected from the financial asset does not exceed the cash flows from the sales by ten (10) per cent.
    - Modifications of financial assets and financial liabilities Financial assets
      If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognised and a new financial asset is recognised at fair value. Any difference between the amortised cost and the present value of the estimated future cash flows of the modified asset or consideration received on derecognition is recorded in the profit or loss statement.
      If the cash flows of the modified asset carried at amortised cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss.
      Financial liabilities
      The Group derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. This occurs when the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment (i.e the modified liability is not substantially different), any costs or fees incurred are adjusted to the carrying amount of the liability and are amortised over the remaining term of the modified liability.
    - Impairment of financial assets
      In line with IFRS 9, the Group assesses its financial instruments for impairment using Expected Credit Loss (ECL) approach.
      The Group applies a three-stage approach to measuring expected credit losses (ECL) on debt instruments accounted for at amortised cost, FVOCI, loan commitment and financial guarantee contracts. Assets migrate through the following three stages based on the change in credit quality since initial recognition:
      1. Stage 1: 12-months ECL
        For exposures where there has not been a significant increase in credit risk since initial recognition and that are not credit-impaired upon origination, the portion of the lifetime ECL associated with the probability of default events occurring within the next 12 months is recognised. Interest revenue is calculated by applying the effective interest rate to the gross carrying amount.
      2. Stage 2: Lifetime ECL - not credit-impaired
        For credit exposures where there has been a significant increase in credit risk since initial recognition but are not credit-impaired, a lifetime ECL is recognised. Interest revenue is calculated by applying the effective interest rate to the gross carrying amount.
      3. Stage 3: Lifetime ECL - credit-impaired
      Financial assets are assessed as credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that asset have occurred. As this uses the same criteria as under IAS 39, the Group's methodology for specific provisions remains unchanged. For financial assets that have become credit-impaired, a lifetime ECL is recognised and interest revenue is calculated by applying the effective interest rate to the amortised cost rather than the gross carrying amount.
      At each reporting date, the Group assesses whether there has been a significant increase in credit risk for financial assets since initial recognition by comparing the risk of default occurring over the expected life between the reporting date and the date of initial recognition.
      In determining whether credit risk has increased significantly since initial recognition, the Group uses its internal credit risk grading system, external risk ratings and forecast information to assess deterioration in credit quality of a financial asset.
      The Group assesses whether the credit risk on a financial asset has increased significantly on an individual or collective basis. For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of shared credit risk characteristics, taking into account instrument type, credit risk ratings, date of initial recognition, remaining term to maturity, industry, geographical location of the borrower and other relevant factors.
      The amount of ECL is measured as the probability-weighted present value of all cash shortfalls over the expected life of the financial asset discounted at its original effective interest rate. The cash shortfall is the difference between all contractual cash flows that are due to the Group and all the cash flows that the Group expects to receive. The amount of the loss is recognised using an allowance for credit losses account
      The Group considers its historical loss experience and adjusts this for current observable data. In addition, the Group uses reasonable and supportable forecasts of future economic conditions including experienced judgment to estimate the amount of an expected impairment loss. IFRS 9 introduces the use of macroeconomic factors which include, but is not limited to, unemployment, interest rates, gross domestic product, inflation and commercial property prices, and requires an evaluation of both the current and forecast direction of the economic cycle. Incorporating forward looking information increases the level of judgement as to how changes in these macroeconomic factors will affect ECL. The methodology and assumptions including any forecasts of future economic conditions are reviewed regularly.
      If, in a subsequent period, credit quality improves and reverses any previously assessed significant increase in credit risk since origination, depending on the stage of the life time 2 or stage 3 of the ECL bucket, the Group would continue to monitor such financial assets for a probationary period of 90 days to confirm if the risk of default has decreased sufficiently before upgrading such exposure from life time ECL (Stage 2) to 12- months ECL (Stage 1). In addition to 90 days probationary period above, the Group also observes a further probationary period of 90 days to upgrade from Stage 3 to 2. This means a probationary period of 180 days will be observed before upgrading financial assets from lifetime ECL (Stage 3) to 12 months ECL (Stage 1).
      In the case of the new asset category for debt instruments measured at FVOCI, the measurement of ECL is based on the three-stage approach as applied to financial assets at amortised cost. The Group recognises the impairment charge in profit or loss, with the corresponding amount recognised in other comprehensive income, with no reduction in the carrying amount in the statement of financial position.
    - Impairment of non-financial assets
    In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
  5. Investment properties
    Investment properties are measured initially at cost, including transaction costs. Subsequently, investment properties are carried at historical cost less accumulated depreciation and impairment. The fair value and valuation inputs of the investment property are also disclosed in note 25 in accordance with IAS 40.
    The investment properties consist of buildings which are depreciated on a straight-line basis over their useful life of 50 years.
    Investment properties are derecognized either when they have been disposed off (i.e. at the date the recipient obtains control) or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.
    Transfers are made to (or from) investment property only when there is a change in use. For a transfer from investment property to owner-occupied property, the deemed cost for subsequent accounting is the carrying amount at the date of change in use. If owner-occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of change in use.
  6. Interest Income and Expense
    Interest income and expenses are recognised in profit or loss using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
    - The gross carrying amount of the financial asset; or
    - The amortised cost of the financial liability.
      When calculating the effective interest rate for financial instruments other than credit-impaired assets, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not expected credit losses. For credit-impaired financial assets, a credit-adjusted effective interest rate is calculated using estimated future cash flows including expected credit losses.
      The calculation of the effective interest rate includes transaction costs and fees paid or received that are integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or financial liability.
      Amortised cost and gross carrying amount
      The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount and, for financial assets, adjusted for any expected credit loss allowance.
      The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any expected credit loss allowance
      Calculation of interest income and expenses
      In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the net carrying amount of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
      For financial assets that are credit-impaired on initial recognition, interest income is calculated by applying the credit-adjusted effective interest rate to the amortised cost of the asset. The calculation of interest income does not revert to a gross basis, even if the credit risk of the asset improves.
      Presentation
      Interest income and expense presented in the profit or loss includes:
  10. - interest on financial assets and financial liabilities measured at amortised cost calculated on an effective interest basis;
    - interest on debt instruments measured at FVOCI calculated on an effective interest basis;
    Interest income and expense on all trading assets and liabilities are considered to be incidental to the Group's trading operations and are presented together with all other changes in the fair value of trading assets and liabilities in Net trading income on financial instruments classified as held for trading.
    Interest income and expense on other financial assets and financial liabilities at FVTPL are presented in interest income or interest expense.
    Non-interest income and non -interest expense Sharia income
    Included in interest income and expense are sharia income and expense. The Group's income as a fund manager (mudharib) consists of income and expense from Mudaraba and Hajj transactions, income from profit sharing of Sukuk and Mudaraba financing and other operating income.
    Mudaraba income by deferred payment or by installment is recognised during the period of the contract based on effective method (annuity).
    Profit sharing income from Mudaraba is recognised in the period when the rights arise in accordance with agreed sharing ratio, and the recognition based on projection of income is not allowed.
    Fees and commission income and expense
    Unless included in the effective interest calculation, fees and commissions are recognised on an accrual basis as the service is provided. Fees and commissions not integral to effective interest arising from negotiating, or participating in the negotiation of, a transaction from a third party, such as the acquisition of loans, shares or other securities or the purchase or sale of businesses, are recognised on completion of the underlying transaction. Portfolio and other management advisory and service fees are recognised based on the applicable service contracts.
    The same principle is applied to the recognition of income from wealth management, financial planning and custodial services that are continuously provided over an extended period of time.
    Net trading income
    Net trading income comprises gains less losses related to trading assets and liabilities, and includes all realised and unrealised fair value changes, dividends and foreign exchange differences.
    Dividend income
    Dividend income is recognised when the right to receive income is established. Dividends on trading equities are reflected as a component of net trading income. Dividend income on equity instruments classified and measured at fair value through OCI (FVOCI) are recognised as a component of other operating income.
  11. Cash and cash equivalents
    Cash and cash equivalents include notes and coins in hand, unrestricted balances held with central banks, operating accounts with other banks, amount due from other banks and highly liquid financial assets with original maturities of three months or less from the acquisition date, which are subject to insignificant risk of changes in their fair value, and are used by the Group in the management of its short-term commitments.
  12. Property, plant and equipment Recognition and measurement
    Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
    Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of equipment.
    When parts of an item of property or equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
    The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of the item of property, plant and equipment, and is recognised in other income/other expenses in profit or loss.
    Subsequent costs
    The cost of replacing a component of an item of property or equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
    Depreciation
    Depreciation is recognised in profit or loss on a straight-line basis to write down the cost of each asset, to their residual values over the estimated useful lives of each part of an item of property, plant and equipment. Leased assets under finance lease are depreciated over the shorter of the lease term and their useful lives.
    Depreciation begins when an asset is available for use and ceases at the earlier of the date that the asset is derecognised or classified as held for sale in accordance with IFRS 5 -Noncurrent Assets Held for Sale and Discontinued Operations. A non-current asset or disposal group is not depreciated while it is classified as held for sale. Leasehold land are not depreciated.
    The estimated useful lives for property, plant and equipment are as follows:
    Leasehold buildings 50 years
    Computer equipment 5 years
    Furniture, fittings & equipment 5 years
    Motor vehicles 4 years
    Leasehold improvements 10 years
    Farm equipment and machines (tractors and harvesters) 10 years Farm equipment and machines (plough, harrow and sprayers) 5 years Information technology servers 10 years Renewable (solar related) assets:
    - Solar PVS 20 years
    - Batteries, inverters & charge controllers 10 years
    Capital work in progress consists of items of property, plant and equipment that are not yet available for use. Capital work in progress is not depreciated, it is transferred to the relevant asset category upon completion.
    Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted if applicable.
    De-recognition
    An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognised.
  13. Non-current assets held for sale
  Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition, management has committed to the sale, and the sale is expected to have been completed within one year from the date of classification. The group classifies repossessed assets as non-current assets held for sale as it intends to recover these assets primarily through sales transactions.
  A non-current asset ceases to be classified as held for safe if the criteria mentioned above are no longer met. A non-current asset that ceases to be classified as held for sale is to be measured at the lower of:
  1. its carrying amount before the asset (or disposal group) was classified as held for sale or for distribution, adjusted for any depreciation, amortisation or revaluations that would have been recognised had the asset (or disposal group) not been so classified; and
  2. its recoverable amount at the date of the subsequent decision not to sell or distribute.
  1. Going Concern
    The Group's management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business from issuance date of this report. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern. Therefore, the consolidated and separate financial statements continue to be prepared on the going concern basis.
  2. New standards and interpretation issued but not yet effective
    New standards have been issued but are not yet effective for the period ended 30 September 2025; thus, it has not been applied in preparing these financial statements. The Group intends to adopt the standards below when they become effective:
    IFRS 18 - Presentation and Disclosures in Financial Statements
    IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share.
    IFRS 18 introduces new requirements to:
    - present specified categories and defined subtotals in the statement of profit or loss
    - provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements
    - improve aggregation and disaggregation.
  An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.
  The directors of the Group anticipate that the application of these amendments may have an impact on the financial statements in future periods.
  IFRS 19 - Subsidiaries without Public Accountability: Disclosures
  In May 2024, the Board issued IFRS 19 Subsidiaries without Public Accountability: Disclosures (IFRS 19), which allows eligible entities
  to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards.
  An entity applying IFRS 19 is required to disclose that fact as part of its general IFRS accounting standards compliance statement.
  IFRS 19 requires an entity whose financial statements comply with IFRS accounting standards including IFRS 19 to make an explicit
  and unreserved statement of such compliance. This standard is effective to annual reporting periods beginning on or after 1 January 2027
  Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
  In January 2020, the IASB issued amendment to IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments improve the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with covenants. The amendments also respond to stakeholders' concerns about the classification of such a liability as current or non-current.
Interest income

Group Company

In millions of Naira	September 2025	September 2024	September 2025	September 2024	Quarter 3 2025	Quarter 3 2024		Quarter 3 2025		Quarter 3 2024
Cash and cash equivalent	23,534	9,310	1,550	929	9,918	2,566		554		442
Debt instruments at FVOCI	45,765	19,303	-	-	17,957	5,545		-		-
Debt instruments at amortised cost	18,093	20,682	-	-	7,775	5,201		-		-
Loan and advances to customers	175,026	139,862	-	-	59,608	54,967		-		-
	262,418	189,157	1,550	929	95,258	68,279		554		442
4 Interest Expense
	September	September	September	September	Quarter 3	Quarter 3		Quarter 3		Quarter 3
In millions of Naira	2025	2024	2025	2024	2025	2024		2025		2024
Deposits from banks	15,770	12,693	-	-	13,365	2,266		-		-
Deposits from customers	88,523	55,531	-	-	30,284	16,416		-		-
Other borrowed funds	11,055	23,935	-	-	4,609	12,913		-		-
Debt securities issued	4,016	4,032	-	-	1,369	1,304		-		-
Interest on Lease Liability	12	-	-	-	4	-		-		-
	119,376	96,191	-	-	49,631	32,899		-		-
5 Net Fees and commission income
Fees and commission income
	September	September	September	September	Quarter 3	Quarter 3	Quarter 3		Quarter 3
In millions of Naira	2025	2024	2025	2024	2025	2024	2025		2024
Facility management fees	6,769	3,831	-	-	3,043	1,414	-		-
Account maintanance fee	5,996	4,483	-	-	2,318	1,630	-		-
Commissions and similar income	6,346	2,216	-	-	3,487	765	-		-
E-business commission and fees	7,044	6,618	-	-	2,250	1,951	-		-
Commission on letter of credit and off balance sheet
transactions	14,312	9,598	-	-	4,615	3,247	-		-

Other fees and commission 3,880 3,890 - - 461 1,349 - -

44,347

30,636

16,174

10,356

Fees and commission expense

(8,467)

(7,504)

(2,360)

(2,442)

35,880

23,132

13,814

7,914

Fees and commissions above excludes amounts included in determining effective interest rate on financial assets that are not at fair value through profit or loss.

6	Net trading income
		September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
	In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
	Bonds - FVPL	14,727	4,967	-	-	7,429	1,828	-	-
	Treasury bills - FVPL	9,431	2,689	-	-	4,926	1,838	-	-
	Foreign exchange trading	501	3,467	-	-	66	413	-	-
	Foreign exchange revaluation (loss)/gain	(1,883)	1,659	-	-	(2,658)	(3,680)	-	-
		22,776	12,782	-	-	9,763	399	-	-

Foreign exchange trading income includes gains and losses from spot and forward contracts and other currency derivatives. Other foreign exchange differences arising on non-trading activities are presented as foreign exchage revaluation loss.

7	Other operating income
		September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
	In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
	Rental income	1,161	227	-	-	472	67	-	-
	Other sundry income (see note (a) below)	17,837	11,270	2,416	675	8,646	8,192	637	127
	Dividends on equity securities	893	433	-	-	704	65	-	-
	(Loss)/gains on disposal of property, plant and equipment	480	(7)	-	-	479	6	-	-
	Cash recoveries on previously written off accounts	220	167	-	-	(83)	37	-	-
		20,591	12,090	2,416	675	10,218	8,367	637	127

(a) (i) The Group's other sundry income included income on Sukuk transactions, Mudaraba Commodity Income, financial advisory among others.

(ii)

The Company's sundry income comprised of income earned from the placement of proceeds from its ordinary shares rights issue (N934 million), as well as income from shared services (N1.48 biliion).

Credit loss expense on financial assets Group Company Group Company

	September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
Impairment charge on loans	10,108	6,445	-	-	4,018	2,367	-	-
Bad debt written off	329	510	-	-	136	189	-	-
Allowances no longer required	(2,486)	(934) -		-	(1,286)	(319) - -
Other financial asset impairment	7,951	6,021	-	- 2,868	2,237		-		-
Impairment on investment securities	25	250	-	- 35	(372)		-		-
Impairment charge on other assets	84	830	-	- (41)	830		-		-
Impairment charge on contingents	25	60	-	- 9	-		-		-
	8,085	7,161	-	- 2,871	2,695		-		-

Personnel expenses

Group Company

		September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
	In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
	Wages and salaries	38,275	21,001	1,261	474	16,110	8,497	517	153
	Defined contribution plan	2,287	1,683	46	22	803	537	20	7
		40,562	22,684	1,307	496	16,913	9,034	537	160
10	Other operating expenses
		September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
	In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
	AMCON surcharge (see note (i) below)	13,457	10,540	-	-	4,566	3,513	-	-
	Contract Services	10,664	8,362	-	-	4,154	3,156	-	-
	Insurance	10,721	7,497	19	-	3,569	2,642	-	-
	Banking Resolution Fund (see note (ii) below)	2,447	1,805	-	-	826	601	-	-
	Other Professional Fees	3,462	1,672	132	73	1,459	672	32	41
		40,751	29,876	151	73	14,574	10,584	32	41
	AMCON surcharge

This represents the Group's contribution to a fund established by the Asset Management Corporation of Nigeria (AMCON) Act. Effective 1 January 2013, the Group's banking

subsidiary (Sterling Bank Limited) is required to contribute an equivalent of 0.5% of its total assets plus 0.5% of all contingent assets as at the preceding year end to AMCON's sinking fund in line with existing guidelines. It is non-refundable and does not represent any ownership interest.
This represents accrual for Banking Resolution Fund Levy in accordance with provisions of sections 74 and 77 of the Banks and Other Financial Institutions Act 2020. At
commencement date, the Bank is required to contribute an equivalent of 10 basis points of its total assets as at the date of its audited financial statements for the immediately preceding financial year.

11	General and administative expenses	September	September	September	September	Quarter 3	Quarter 3	Quarter 3		Quarter 3
	In millions of Naira	2025	2024	2025	2024	2025	2024	2025		2024
	Administrative expenses	9,490	7,124	599	253	(949)	311	211		144
	Audit fees	310	271	21	12	109	100	7		8
	Office expenses	9,455	7,450	185	75	3,205	2,454	78		30
	Advertising and business promotion	3,119	1,124	61	8	1,749	410	21		1
Cash handling and processing expense		1,404	1,297	-	14	679	468	- -
Branding expenses		790	791	30	7	345	410	3		3
Communication cost		3,041	2,231	51	20	1,075	609	22		6
Transport, travel, accomodation		1,712	1,478	50	56	554	627	23		26
Seminar and conferences		1,836	1,330	-	-	853	465	-		-
Rents and rates		1,176	602	-	-	795	340	-		-
Security		522	386	7 2 182 137 4 1
	Other general expenses	6,055	5,234	25	-	2,123	2,323		(16)		-
	Annual general meeting expenses	117	100	111	-	63	-		63		-
	Stationery and printing	310	384	-	42	115	140		-		41
	Directors other expenses	1,131	790	231	134	357	341		60		61
	Membership and subscription	325	507	52	-	56	(43)		4		-
	Fines and penalties	26	41	1	9	-	32		-		-
	Directors fee	348	204	165	126	125	82		53		47
		41,167	31,344	1,589	758	11,436	9,206		533		368
12	Other property, plant and equipment cost
		September	September	September	September	Quarter 3	Quarter 3		Quarter 3		Quarter 3
	In millions of Naira	2025	2024	2025	2024	2025	2024		2025		2024
	Repairs and maintenance of PPE	14,675	16,738	195	67	5,979	7,295		52		20
		14,675	16,738	195	67	5,979	7,295		52		20

This represents the cost the Group incurred on assets expensed in line with the Group's capitalisation policy, cost incurred on repair, maintenance and other running cost on property, plant and equipment.

13		Depreciation and amortisation
			September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
		In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
		Right-of-use asset amortisation (see note 24)	1,156	655	-	-	507	229	-	-
		Depreciation Investment Property (see note 25)	22	34	-	-	5	6	-	-
		Depreciation of property, plant and equipment (see note 26)	4,195	2,811	64	61	1,485	867	27	21
		Amortisation of intangible assets (see note 27)	716	249	-	-	240	72	-	-
			6,089	3,749	64	61	2,237	1,174	27	21
14		Income tax expense
			September	September	September	September	Quarter 3	Quarter 3	Quarter 3	Quarter 3
		In millions of Naira	2025	2024	2025	2024	2025	2024	2025	2024
	(a)	Income tax	5,066	1,247	182	11	2,639	458	(9)	11
		Windfall tax	350	-	-	-	350	(78)	-	-

	Education tax	1,611	379	20	-	833	379 1 -
	Capital gains tax	801	-	-	-	801	(173) - -
Information technology levy 710 276 7 -						256	275 1 -

Nigerian Police Trust Fund levy	4	1	-	-	2	(42)	-	-
Science and Engineering Infrastructure Levy	121	69	-	-	9	69	-	-
Total income tax expense	8,663	1,972	209	11	4,890	888	(7)	11

14 (b)	Current income tax liabilities	Group		Company
	The movement on this account during the period was as follows: In millions of Naira	September 2025 December 2024		September 2025 December 2024
	Balance, beginning of the period	3,382 1,468		953 3
	Income tax for the period	7,027 3,215		202 949
	Prior period under provision	- (17)		- -
	Payments during the period	(2,407) (1,284)		(952) 1
		8,002 3,382		203 953
14 (c)	Deferred tax 30 September 2025	Group		Company
	In millions of Naira	Assets Liabilities		Assets Liabilities
	Property, plant and equipment	- 7,774		- 44
	Unutilised tax credit (capital allowance)	32,908 -		- -
	Tax losses	440 -		- -
	Provisions	- 12,556		- -
33,348			20,330	- 44
31 December 2024 In millions of Naira		Group Assets	Liabilities	Assets	Company Liabilities
Property, plant and equipment		-	7,774	- 44
Unutilised tax credit (capital allowance)		32,908	-	- -
Tax losses Provisions		440 -	-12,556	- - - -

33,348 20,330 - 44

15 Earning per share (basic and diluted)

The calculation of basic earnings per share as at 30 September 2025 was based on the profit attributable to ordinary shareholders of N62,297,000,000 and weighted average number of ordinary shares outstanding of 46,818,506,460 calculated as follows:

In thousands of Unit	September 2025	September 2024	September 2025	September 2024
Weighted average number of ordinary shares	48,604	28,790	48,604	28,790
In millions of Naira	September 2025	September 2024	September 2025	September 2024
Profit for the period attributable to equity holders of the Company	62,297	27,446	451	138
Basic earning per share Diluted earning per share	128k 128k	95k 95k	1k 1k	0k 0k
16 Cash and balances with Central Bank
In millions of Naira	September 2025	December 2024	September 2025	December 2024
Cash and foreign monies	25,420	28,453	-	-
Unrestricted balances with Central Bank of Nigeria	31,363	61,585	-	-
Restricted deposits with the Central Bank of Nigeria	724,734	777,087	-	-
	781,517	867,125	-	-

Restricted deposits with the Central Bank of Nigeria represent mandatory reserve deposits and are not available for use in the Group's day-to-day operations.

17	Due from banks In millions of Naira	September 2025	December 2024	September 2025	December 2024
	Balances held with local banks	-	6	8,072	14,735
	Balances held with banks outside Nigeria	583,887	557,625	-	-
	Money market placements	158,833	11,824	-	-
		742,720	569,455	8,072	14,735

18 Pledged financial assets Group Company

In millions of Naira	September 2025	December 2024	September 2025	December 2024
Securities instruments measured at fair value through
other comprehensive income: - Treasury Bills (see note (a) below)	14,080	18,112	-	-
Total Pledged asset at FVOCI	14,080	18,112	-	-
Securities instruments measured at amortised cost: - Treasury Bills (see note (b) below)	-	9,326	-	-
- Bonds (see note (b) below)	233	229	-	-
Other pledged assets (see note (c) below)	976	1,022	-	-
	1,209	10,577	-	-
ECL on Pledged asset at amortised cost	(14)	(14)	-	-
Total Pledged asset at amortised cost	1,195	10,563	-	-

Total pledged assets	15,275	28,675	-	-

The Group pledges assets that are on its statement of financial position in various day-to-day transactions that are conducted under the usual terms and conditions applying to such agreements.

Pledged for interbank transactions .
Pledged for clearing activities, as collection bank for government taxes and Interswitch electronic card transactions.
Included in other pledged assets are cash collateral for matercard transactions. The deposit are not part of the fund used by the Group for day to day activities.

19 Derivative financial instruments Group 30 September 2025		Group			Company
In millions of Naira	Assets		Liabilities	Assets	Liabilities
Foreign currency swaps		-	2,077		-		-
		-	2,077		-	-
31 December 2024 In millions of Naira	Assets	Group	Liabilities	Assets	Company Liabilities
Foreign currency swaps		-	-		-		-
		-	-		-	-
20 Loan and Advances to Customers

		In millions of Naira	September 2025	December 2024	September 2025	December 2024
		Loans to corporate entities and other organizations	1,141,394	1,040,348	-	-
		Loans to individuals	115,331	101,096	-	-
		Less:	1,256,725	1,141,444	-	-
		- ECL Stage 1	(2,762)	(4,859)	-	-
		- ECL Stage 2	(10,162)	(8,193)	-	-
		- ECL Stage 3	(26,590)	(24,422)	-	-
			1,217,211	1,103,970	-	-
21		Investment securities:
		In millions of Naira	September 2025	December 2024	September 2025	December 2024
	(a)	Investments fair value through profit or loss - Bonds	7,079	3,764	-	-
		- Euro bond	7,943	3,641	-	-
		- Treasury bills	40,024	19,994	-	-
		- Promissory notes	101	92	-	-
			55,147	27,491	-	-
	(b)	Instruments at fair value through other comprehensive income Debt instrument at FVOCI - Government bond	190,049	165,367	-	-
		- Euro bond	73,173	60,209	-	-
		- Corporate bonds	5,989	18,585	-	-
		- Treasury bills	357,354	240,286	-	-
		- Promissory notes	-	1,082	-	-
			626,565	485,529	-	-
	( c)	Equity instrument at fair value through other comprehensive income
		Equity securities at FVOCI	52,644	48,635	-	-
		Total equity at FVOCI	52,644	48,635	-	-

Group Company

In millions of Naira September 2025 December 2024 September 2025 December 2024
( d)	Instruments at amortised cost
	- Government bonds	40,619	81,274	-	-
	- Treasury bills	36,358	216	-	-
- Promissory note 5,683 - - -
		82,660	81,490	-	-
Less:
- impairment on investments at amortised cost		(94)	(121)	-	-

82,566 81,369 - -

Investment in Subsidiary Group Company
In millions of Naira September 2025 December 2024 September 2025 December 2024 Investment in Sterling Bank Limited - - 231,475 210,519
Investment in The Alternative Bank - - 20,000 15,000
Investment in SterlingFi Wealth Management Ltd - - 300 300
- - 251,775 225,819
Other Assets

In millions of Naira September 2025 December 2024 September 2025 December 2024

Financial assets

Accounts receivable (see note (a) below) 281,913 163,470 655 3,167

	281,913	163,470	655	3,167
Non-financial assets
Prepayments	30,124	26,835	1,357	2,465
Musharaka Stock	10,416	4,151	-	-
Commodity mudaraba stocks	78,252	29,600	-	-
Prepaid staff cost (see note (b) below)	4,812	2,596	-	-
Stock (see note (c) below) 2,475 2,877 - -
Gross other asset	407,992	229,529	2,012	5,632
Impairment on other assets	(8,705)	(9,565)	-	-
399,287 219,964 2,012 5,632

Included in account receivable are receivables from Parthian Capitals and SAMTL Properties in respect of loans sold to the companies.
Prepaid staff cost are staff related benefits.
Included cheque books, administrative stationaries, among others.

Group Company

24		Right-of-use asset In millions of Naira	September 2025	December 2024	September 2025	December 2024
		Opening balance	12,106	9,103	-	-
		Additions during the period	1,713	4,047	-	-
		Reversal	-	(11)	-	-
		Amortisation during the period (See note 13)	(1,156)	(1,033)	-	-
		Closing balance	12,663	12,106	-	-
25		Investment property In millions of Naira	September 2025	December 2024	September 2025	December 2024
	(i)	Cost Opening balance	4,265	5,087	-	-
		Additions during the period	500	258	-	-
		Disposal	(1,993)	(1,080)	-	-
		Balance end of period	2,772	4,265	-	-
	(ii)	Accumulated depreciation and impairment	September 2025	December 2024	September 2025	December 2024
		Opening balance	229	297	-	-
		Depreciation (See note 13)	22	40	-	-
		Disposal	(84)	(108)	-	-
		Balance end of period	167	229	-	-

		Closing balance	2,605	4,036	-	-

The fair value of the Group's investment property at 30 September 2025 was determined by independent, appropriately qualified external valuer -Oladapo Olaiya (FRC/2013/NIESV/00000004238) of Dapo Olaiya Consulting (FRC/2013/0000000000569). The entity maintains a valuation policy of three years (3 year) life in its investment properties assets. The total valuation amount stood at N4 billion.

The investment property consist of blocks of Buildings located at Prime Water View Gardens Estate 2, Ikate Lekki, Royalbridge Realtors Abijo, Ajah, Lekki Phase 1. The investment property is driven by Alternative Bank of the Group in line with the Central Bank of Nigeria guidelines and the provisions of IAS 40.

26	Property, plant and equipment
	The movement on these accounts during the period was as follows:
	Group
							Furniture,						Capital
		Leasehold	Leasehold		Leasehold		fittings and		Computer		Motor		work-in-		Total
	In millions of Naira	Land	Building		Improvement		equipment**		equipment		vehicles		progress
	(a) Cost Balance as at 1 January, 2025	1,968	4,845		4,884		13,917		19,623		5,945		24,360		75,542
	Additions for the period	-	1		230		1,126		1,323		810		14,251		17,741
	Disposals	-	-		-		(227)		(43)		(215)		(3,689)		(4,174)
	Adjustment	-	-		-		-		-		-		-		-
	Reclassification	(3)	24		787		1,523		512		190		(3,033)		-
	Balance as at 30 September 2025	1,965		4,870		5,901		16,339		21,415		6,730		31,889		89,109
	Balance as at 1 January, 2024	1,990	4,537		3,380		9,447		8,835		5,603		15,151		48,943
	Additions for the period	-	49		1,041		4,662		6,520		1,671		15,747		29,690
	Disposals	(110)	(16)		(17)		(76)		(22)		(1,244)		-		(1,485)
	Reclassification	88	288		752		1,024		4,471		(85)		(6,538)		-
	Writeoff	-	(13)		(272)		(1,140)		(181)		-		-		(1,606)
	Balance as at 31 December 2024	1,968		4,845		4,884		13,917		19,623		5,945		24,360		75,542
	(b) Depreciation and impairment losses Balance as at 1 January, 2025	236	912		1,622		4,169		8,019		3,610		-		18,568
	Charge for the period	-	73		358		1,361		1,643		760		-		4,195
	Adjustment	-	(3)		-		4		8		(9)		-		-
	Disposals	-	-		-		(69)		(43)		(205)		-		(317)
	Reclassifications	-	-		-		-		-		-		-		-
	Writeoff	-	-		-		-		-		-		-		-
	Balance as at 30 September 2025	236		982		1,980		5,465		9,627		4,156		-		22,446
	Balance as at 1 January, 2024	242	833		1,558		4,130		6,749		3,444		-		16,956
	Charge for the period	-	94		347		1,215		1,467		929		-		4,052
	Adjustment	-	-		-		-		-		-		-		-
	Disposals	(6)	(2)		(11)		(63)		(20)		(763)				(865)
	Reclassifications	-	-		-		-		-		-		-
	Writeoff	-	(13)		(272)		(1,113)		(177)		-		-		(1,575)
	Balance as at 31 December 2024	236		912		1,622		4,169		8,019		3,610		-		18,568
	Carrying amounts Balance as at 30 September 2025	1,729	3,888		3,921		10,874		11,788		2,574		31,889		66,663
	Balance as at 31 December 2024	1,732		3,933		3,262		9,748	11,604			2,335		24,360		56,974
	Balance as at 1 January, 2024	1,748		3,704		1,822		5,317		2,086		2,158		15,151		31,987

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