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FirstHoldCo Maintains Growth Momentum Despite Profit Decline
FirstHoldCo Plc has sustained its growth trajectory across key business lines, recording a 17.1% year-on-year rise in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared to ₦2.25 trillion in the same period of 2024.
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According to the Group’s unaudited financial results, the growth was primarily fueled by higher interest income and expanding core banking operations, reinforcing the Group’s position as one of Nigeria’s leading financial institutions.
Strong Interest Income Offsets Non-Interest Weakness
Interest income surged 40.4% to ₦2.29 trillion from ₦1.63 trillion a year earlier, driven by improved asset yields and sustained loan growth. Net interest income followed the same trajectory, soaring 71.7% to ₦1.5 trillion.
However, non-interest income dipped 49.2% to ₦296.9 billion, while impairment charges for credit losses rose 68.6% to ₦288.9 billion, reflecting the Group’s conservative risk provisioning amid macroeconomic volatility.
Despite these headwinds, operating income climbed 23.2% to ₦1.80 trillion, underscoring the resilience of the Group’s core earnings.
Profit Moderation and Cost Pressures
Profit before tax declined 7.3% to ₦566.5 billion, while profit after tax fell 15.5% to ₦450.9 billion, largely due to reduced fair value gains and rising operating expenses, which jumped 39.3% to ₦942.7 billion.
Nevertheless, FirstHoldCo maintained a stable balance sheet, with total assets standing at ₦26.4 trillion, slightly lower than ₦26.5 trillion recorded in December 2024.
Customer deposits rose 4.2% year-to-date to ₦17.9 trillion, while net loans and advances expanded 9% to ₦9.6 trillion.
Resilient Ratios and Improved Asset Quality
FirstHoldCo maintained strong profitability metrics, posting a post-tax return on average equity (ROAE) of 19.9% and a post-tax return on assets (ROA) of 2.3%.
The cost-to-income ratio increased to 52.4% from 46.4% in the prior year, reflecting inflationary pressures and strategic investments. Notably, the non-performing loan (NPL) ratio improved to 8.5% from 10.2%, signaling better credit quality.
CEO Reaffirms Commitment to Sustainable Growth
Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of strong fundamentals and prudent balance sheet management.
“FirstHoldCo has once again demonstrated solid earnings capability. Interest and operating income grew by 40.4% and 23.2%, respectively, supported by a 26.9% rise in fees and commission income,” Oyedeji said.
He added that the Group’s risk management strategy was already paying off, as evidenced by improved asset quality and capital resilience.
“The decline in profit before tax was due to fair value normalization and deliberate balance sheet strengthening initiatives.”
FirstBank Recapitalisation Progressing Smoothly
On the recapitalisation of FirstBank, Oyedeji confirmed that the first phase of the private placement capital raise had been completed and was awaiting final regulatory approvals.
“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with new minimum capital requirements by year-end,” he stated.
Oyedeji also affirmed that subsequent capital raising rounds will further strengthen the Group’s financial position and support value-accretive growth initiatives.
Outlook: Focus on 2029 Financial Targets
Looking ahead, FirstHoldCo reaffirmed its 2029 strategic goals, emphasizing operational scalability, prudent capital management, and shareholder value creation.
“We remain well-positioned to deliver stronger returns and maintain growth across all business segments,” Oyedeji concluded.
