FirstHoldCo’s Gross Earnings soar 17% to ₦2.6trn amid strong growth

FirstHoldCo Plc has maintained its growth trajectory across key business lines, posting a 17.1 per cent year-on-year rise in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared with ₦2.25 trillion in the same period of 2024.

According to the Group’s unaudited financials, interest income surged 40.4 per cent to ₦2.29 trillion, up from ₦1.63 trillion in September 2024, driven by robust asset yields and loan growth.

Net interest income followed suit, climbing 71.7 per cent to ₦1.5 trillion, underscoring the Group’s strong core banking performance.

However, non-interest income declined 49.2 per cent to ₦296.9 billion, while impairment charges for credit losses jumped 68.6 per cent to ₦288.9 billion, reflecting cautious risk provisioning amid a volatile economic climate.

Operating income rose 23.2 per cent to ₦1.80 trillion, but profit before tax fell 7.3 per cent to ₦566.5 billion, compared with ₦610.9 billion in the previous year.

Profit after tax also dipped 15.5 per cent to ₦450.9 billion, mainly due to lower fair value gains and a 39.3 per cent rise in operating expenses to ₦942.7 billion.

Despite the profit contraction, the Group retained a solid balance sheet, with total assets standing at ₦26.4 trillion, slightly down from ₦26.5 trillion as of December 2024. Customer deposits rose 4.2 per cent to ₦17.9 trillion, while net loans and advances increased 9 per cent to ₦9.6 trillion.

Performance indicators showed a post-tax return on equity of 19.9 per cent and a return on assets of 2.3 per cent. The cost-to-income ratio rose to 52.4 per cent from 46.4 per cent a year earlier, even as the non-performing loan ratio improved to 8.5 per cent from 10.2 per cent.

Group Managing Director, Adebowale (Wale) Oyedeji, said the results underscored FirstHoldCo’s resilience and focus on sustainable growth.

“FirstHoldCo has again demonstrated strong earnings capability,” Oyedeji stated. “Interest and operating income grew 40.4 per cent and 23.2 per cent respectively, supported by a 26.9 per cent increase in fees and commissions. The dip in profit before tax reflects the normalisation of fair value gains and strategic balance sheet adjustments.”

He added that risk management strategies had strengthened asset quality.

On recapitalisation, Oyedeji confirmed that the first phase of FirstBank’s private placement capital raise had been completed and was awaiting final regulatory approval.

“We expect to conclude this phase in November 2025, ensuring full compliance with the new minimum capital requirements before year-end,” he said. “Subsequent rounds will enhance our capital base and fund growth initiatives.”

Oyedeji reaffirmed the Group’s commitment to its 2029 financial targets, noting that FirstHoldCo remains on course to deliver stronger shareholder value through operational scalability and prudent capital management.