First HoldCo Reports 6.9% Growth in Gross Earnings to ₦3.4 Trillion in 2025

First HoldCo Plc has released its audited financial results for the year ending 31 December 2025, revealing a resilient performance despite a tough economic environment. The company reported a 6.9% increase in gross earnings, reaching ₦3.4 trillion, driven by strong interest income and strategic risk management.

In a statement, Wale Oyedeji, the Group Managing Director, said, “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. Gross earnings grew by 6.9% to ₦3.4 trillion, underpinned by strong net interest income growth of 36.8% and continued momentum in our digital and transactional franchises. Importantly, we comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action, aligned with the post-forbearance landscape, enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.”

Key highlights include:

– Interest income surged by nearly a quarter, up 24.9% to ₦2.994 trillion.
– Net interest income rose sharply by 36.8% to ₦1.917 trillion.
– Non-interest income declined by 50% to ₦377.4 billion, affected by market conditions.
– Operating expenses increased by 32.1% to ₦1.234 billion, driven by inflation, regulatory fees, and increased marketing efforts.
– Profit before tax fell dramatically by 70.5% to ₦235 billion, primarily due to increased impairment charges.
– Profit after tax dropped by nearly 80%, standing at ₦139.5 billion.

The company’s total assets increased slightly by 2.7%, to ₦27.251 trillion, while customer deposits grew impressively by 10% to ₦18.883 trillion, supporting a high-quality CASA ratio of 93.1%.

Despite a rise in non-performing loans to 12.0%, the Group’s loan coverage ratio strengthened to 98.7%, reflecting better risk buffers and ongoing recovery efforts.

The segment-wise performance shows an 8.1% growth in gross earnings for the Commercial Banking division, while the Investment Banking and Asset Management unit experienced a 30.1% decline.

First HoldCo continues to focus on enhancing earnings quality, driving operational efficiency, and strengthening its capital base to support sustainable growth. The Group has also successfully increased its share premium to ₦458.4 billion, with total shareholders’ funds now at ₦3.3 trillion.

The company remains committed to delivering shareholder value, navigating sector challenges with resilience, and positioning itself for long-term growth.