FirstHoldCo Reports ₦2.6 Trillion Earnings in Nine Months, Sustains Growth Across Core Operations

FirstHoldCo Reports ₦2.6 Trillion Earnings in Nine Months, Sustains Growth Across Core Operations

By Chima Nwokoji

FirstHoldCo Plc has sustained its growth momentum across key business segments, posting a 17.1 per cent year-on-year increase 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.

According to the unaudited financial results released by the Group, interest income surged by 40.4 per cent to ₦2.29 trillion from ₦1.63 trillion in September 2024, driven by improved asset yields and expansion in the loan portfolio. Consequently, net interest income grew by 71.7 per cent year-on-year to ₦1.5 trillion, reflecting the strength of its core banking operations.

However, non-interest income declined by 49.2 per cent to ₦296.9 billion, while impairment charges for credit losses rose by 68.6 per cent to ₦288.9 billion, indicating cautious risk provisioning amid a volatile macroeconomic environment.

The Group’s operating income increased by 23.2 per cent to ₦1.80 trillion, although profit before tax slipped by 7.3 per cent to ₦566.5 billion, from ₦610.9 billion a year earlier. Profit after tax also fell by 15.5 per cent to ₦450.9 billion, largely due to lower fair value gains and a 39.3 per cent rise in operating expenses, which hit ₦942.7 billion.

Despite these headwinds, FirstHoldCo maintained a solid balance sheet, with total assets standing at ₦26.4 trillion, slightly lower than ₦26.5 trillion as of December 2024. Customer deposits grew by 4.2 per cent year-to-date to ₦17.9 trillion, while net loans and advances rose by 9 per cent to ₦9.6 trillion.

The Group’s key performance indicators showed continued resilience: post-tax return on average equity stood at 19.9 per cent, return on assets at 2.3 per cent, while the cost-to-income ratio increased to 52.4 per cent from 46.4 per cent in the same period last year. Notably, the non-performing loan (NPL) ratio improved to 8.5 per cent from 10.2 per cent recorded in December 2024.

Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a testament to the Group’s underlying resilience and disciplined execution of its strategic priorities.

“FirstHoldCo has once again demonstrated solid earnings capability,” Oyedeji said. “Our interest and operating income grew strongly by 40.4 per cent and 23.2 per cent, respectively, supported by a 26.9 per cent rise in fees and commission income. The decline in profit before tax reflects the normalisation of fair value gains and our proactive balance sheet strengthening initiatives.”

He added that the Group’s enhanced risk management strategies were already delivering tangible results, as reflected in improved asset quality.

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

“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,” he said. “Subsequent capital raising rounds will further strengthen our financial capacity and support value-accretive initiatives.”

Oyedeji reaffirmed FirstHoldCo’s commitment to achieving its 2029 strategic financial targets, noting that the Group remains well-positioned to deliver sustained shareholder value through operational scalability, prudent risk management, and disciplined capital optimisation.