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 the ₦3.2 trillion recorded in 2024.
The Group disclosed this in its audited financial results released on Friday, noting that the growth was driven by strong net interest income, digital banking transactions, and diversified income streams.
According to the Group Managing Director, Wale Oyedeji, 2025 marked a defining year for the company as it focused on balance sheet restructuring, capital strengthening, and risk management.
Oyedeji said the Group’s net interest income rose by 36.8 per cent to ₦1.9 trillion, while interest income climbed by 24.9 per cent to ₦3 trillion due to proactive asset repricing and improved yields.
He noted that the Group also strengthened its capital position through ongoing capital-raising initiatives aimed at ensuring FirstBank meets the Central Bank of Nigeria’s minimum regulatory capital requirement of ₦500 billion.
According to him, the company has so far secured ₦128.7 billion under its ₦350 billion capital raise programme.
“2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth,” Oyedeji stated.
He added that the Group undertook decisive measures to de-risk its balance sheet by making adequate provisions for impaired and non-performing exposures, particularly within the oil and gas sector.
The company’s profit before tax, however, declined significantly by 70.5 per cent to ₦235 billion from ₦796.8 billion recorded in 2024. The decline was attributed mainly to a sharp increase in impairment charges and the normalisation of foreign exchange gains previously recorded.
Despite the drop in profitability, FirstHoldCo said its normalised pre-provision profit increased by 36.6 per cent to ₦1.07 trillion, reflecting what it described as strong underlying earnings resilience.
Operating expenses rose by 32.1 per cent to ₦1.2 trillion, driven largely by inflationary pressures, foreign exchange volatility, increased personnel costs, regulatory fees, and higher spending on branding and customer engagement initiatives.
The Group’s 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.
Its non-performing loan ratio rose to 12 per cent from 10.2 per cent in 2024 due to increased impairment charges linked to industry-wide oil and gas sector exposures. However, the Group’s coverage ratio improved significantly to 98.7 per cent from 54.8 per cent, indicating stronger provisions against bad loans.
FirstHoldCo also reported growth in shareholders’ funds, which rose from ₦2.8 trillion to ₦3.3 trillion, while share premium increased to ₦458.4 billion following the successful capital raise.
In its commercial banking business, gross earnings rose by 8.1 per cent to ₦3.36 trillion, while profit before tax fell by 72.1 per cent to ₦201.2 billion.
The Group’s Investment Banking and Asset Management business posted gross earnings of ₦72.8 billion and profit before tax of ₦31.9 billion.
FirstHoldCo said it remains focused on improving earnings quality, strengthening asset quality and capital position, enhancing operational efficiency, and expanding its non-banking businesses to drive sustainable growth and shareholder value.
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