By Ayomide Otitoju
First HoldCo Plc has reported gross earnings of ₦3.4 trillion for the financial year ended December 31, 2025, representing a 6.9 per cent increase from ₦3.2 trillion recorded in 2024.
The group’s audited results showed that interest income rose by 24.9 per cent to ₦3.0 trillion, while net interest income increased significantly by 36.8 per cent to ₦1.9 trillion, driven by improved asset yields and proactive asset repricing.
Operating income grew by 6.4 per cent to ₦2.3 trillion, supported by growth in digital transactions, transfer and intermediation fees, as well as commissions from letters of credit and other banking services.
Despite the growth in earnings, profit before tax declined by 70.5 per cent to ₦235 billion from ₦796.5 billion in 2024, while profit after tax fell by 79.4 per cent to ₦139.5 billion. The decline was attributed largely to a sharp rise in impairment charges, which nearly doubled to ₦826.3 billion, as well as the normalisation of foreign exchange gains recorded in previous years.
Operating expenses increased by 32.1 per cent to ₦1.2 trillion due to inflationary pressures, higher personnel costs, regulatory charges, advertising expenses, and foreign exchange-related costs.
Commenting on the results, Group Managing Director of First HoldCo Plc, Wale Oyedeji, described 2025 as a defining year for the group, marked by disciplined execution, resilient core earnings, and decisive balance sheet restructuring.
He said the group undertook significant de-risking measures by making adequate provisions for impaired and non-performing loans, particularly exposures linked to the oil and gas sector, in line with the post-forbearance regulatory environment.
Oyedeji added that the group strengthened its capital base through ongoing capital-raising initiatives aimed at meeting the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for international banks. According to him, the group has secured ₦128.7 billion so far under its ₦350 billion capital raise programme.
The financial results showed that total assets increased by 2.7 per cent year-on-year to ₦27.3 trillion, while customer deposits rose by 10 per cent to ₦18.9 trillion, supported by a strong current and savings account deposit mix.
Net customer loans and advances grew modestly by 2.3 per cent to ₦9.0 trillion, reflecting the group’s cautious approach to lending and risk management.
The group’s non-performing loan ratio increased to 12 per cent from 10.2 per cent in 2024, while NPL coverage improved significantly to 98.7 per cent, indicating stronger provisioning and enhanced balance sheet resilience.
Under its business segments, the Commercial Banking division recorded gross earnings of ₦3.36 trillion, up 8.1 per cent year-on-year, although profit before tax declined by 72.1 per cent to ₦201.2 billion.
The Investment Banking and Asset Management segment posted gross earnings of ₦72.8 billion, representing a 30.1 per cent decline, while profit before tax fell by 43.6 per cent to ₦31.9 b
