FirstHoldCo’s Nine-Month Earnings Climb 17%, Driven by Interest Income Surge
FirstHoldCo Plc has continued its robust growth across key business segments, reporting a 17.1% year-on-year rise in gross earnings to ₦2.64 trillion for the nine months ending September 30, 2025. This marks an increase from ₦2.25 trillion during the same period in 2024.
The unaudited financial results show a significant jump in interest income, which surged by 40.4% to ₦2.29 trillion from ₦1.63 trillion a year earlier, driven by improved asset yields and expansion of the loan portfolio. Net interest income also grew markedly by 71.7% to ₦1.5 trillion, reflecting strong core banking performance.
Conversely, non-interest income declined sharply by 49.2% to ₦297 billion, while impairment charges for credit losses increased by 68.6% to ₦289 billion, indicating cautious risk provisioning amid a volatile economic environment.
Operating income increased by 23.2% to ₦1.80 trillion, although profit before tax decreased by 7.3% to ₦567 billion from ₦611 billion in the previous year. Profit after tax fell by 15.5% to ₦451 billion, primarily due to reduced fair value gains and a 39.3% rise in operating expenses, which reached ₦943 billion.
Despite the dip in profit, the Group preserved its balance sheet health, with total assets remaining steady at ₦26.4 trillion compared to ₦26.5 trillion as of December 2024. Customer deposits grew by 4.2% to ₦17.9 trillion, while net loans and advances increased by 9% to ₦9.6 trillion.
Key ratios indicate resilience: the Group maintained a post-tax return on equity of 19.9%, and a return on assets of 2.3%. The cost-to-income ratio increased to 52.4% from 46.4%, while the non-performing loan (NPL) ratio improved to 8.5% from 10.2%.
Group MD Adebowale (Wale) Oyedeji highlighted the results as a testament to the Group’s resilience and strategic focus on sustainable growth. “Our interest and operating incomes grew significantly, supported by a 26.9% increase in fees and commissions,” he stated. “The profit decline was due to normalizing fair value gains and ongoing balance sheet strengthening efforts.”
Oyedeji also announced progress on FirstBank’s recapitalization, noting that the first phase of its private placement has been successfully completed and awaits final regulatory approval, with completion expected by November 2025. He emphasized that subsequent capital raises will bolster the bank’s capacity to deliver innovative financial solutions and create value for shareholders.
Looking ahead, Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, asserting that FirstHoldCo is well-positioned to enhance shareholder value through operational efficiency and prudent capital management.