…Profit Rises to N321bn; FY Revenue Tops N3.4tn
First HoldCo Plc (FirstHoldCo) has sustained its strong financial momentum with gross earnings rising to N942 billion in the first quarter, while profit after tax stood at N321 billion, reinforcing investor confidence in the Group’s earnings capacity and balance sheet resilience.
The Group also reported audited full-year 2025 gross earnings of N3.4 trillion, representing a 6.9 per cent year-on-year growth driven by strong net interest income and sustained expansion in digital and transaction banking activities.
Speaking on the performance, Group Managing Director, Wale Oyedeji, described 2025 as a defining period for the financial services group, marked by disciplined execution, stronger earnings quality and comprehensive balance sheet restructuring aimed at sustainable growth.
According to him, net interest income rose by 36.8 per cent to N1.9 trillion, supported by proactive asset repricing and improved yields across the Group’s core banking operations.
Oyedeji stated that the Group also undertook extensive balance sheet de-risking through significant provisioning for impaired and non-performing exposures in line with the post-forbearance regulatory environment.
He said the move was aimed at improving transparency, strengthening asset quality and positioning the institution for stronger long-term growth.
“We comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings,” he said.
The Group Managing Director added that FirstHoldCo intensified efforts to strengthen its capital position to ensure FirstBank meets the new N500 billion minimum regulatory capital requirement.
He disclosed that under its N350 billion capital raising programme, the Group has successfully secured N128.7 billion so far and remains on track to complete the exercise.
Oyedeji further noted that the Group made significant progress in recovering delinquent loans, especially from upstream oil and gas obligors backed by substantial oil reserve collateral.
A breakdown of the audited results showed that interest income increased by 24.9 per cent to N3.0 trillion, while net fees and commission income rose by 20.2 per cent to N294.5 billion, driven largely by increased digital transaction volumes, transfer charges and letter of credit commissions.
Operating expenses, however, rose by 32.1 per cent to N1.2 trillion due to inflationary pressures, foreign exchange-related costs, higher personnel expenses and increased regulatory and brand visibility spending.
Profit before tax declined by 70.5 per cent to N235 billion, largely on account of a 93.8 per cent increase in impairment charges and the moderation of foreign exchange gains recorded in previous years.
Despite this, the Group recorded a 36.6 per cent rise in normalised pre-provision profit to N1.07 trillion, underscoring what management described as the institution’s underlying earnings resilience.
Total assets grew by 2.7 per cent year-on-year to N27.3 trillion, while customer deposits rose by 10 per cent to N18.9 trillion, supported by a strong current and savings account mix of 93.1 per cent.
The Group’s non-performing loan ratio increased to 12 per cent from 10.2 per cent in 2024, reflecting higher impairment charges linked mainly to industry-wide oil and gas exposures. However, the coverage ratio improved significantly to 98.7 per cent from 54.8 per cent, indicating stronger provisioning and balance sheet resilience.
Shareholders’ funds increased from N2.8 trillion to N3.3 trillion, while share premium rose sharply to N458.4 billion following the Group’s recent capital raise.
Under its Commercial Banking business, FirstHoldCo recorded gross earnings of N3.36 trillion, representing an 8.1 per cent increase year-on-year, while customer deposits climbed to N18.9 trillion.
Its Investment Banking and Asset Management subsidiary posted gross earnings of N72.8 billion, with total assets rising to N535.3 billion.
