…Profit Rises to N321bn; FY Revenue Tops N3.4tn
First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its audited results for the financial year ended December 31, 2025.
Financial Highlights
Income statement (₦’billion)
FY 2025
FY 2024
Δ
Gross earnings
3,435.4
3,212.6
+6.9%
Interest income
2,994.1
2,397.4
+24.9%
Net Interest Income
1,916.9
1,401.3
+36.8%
Non-Interest Income1
377.4
755.1
-50.0%
Operating income2
2,294.4
2,156.4
+6.4%
Impairment charges for losses
826.3
426.3
+93.8%
Operating expenses
1,233.8
934.2
+32.1%
Profit before tax
235.0
796.5
-70.5%
Profit for the year3
139.5
677.0
-79.4%
Statement of Financial Position (₦’billion)
Total Assets
27,250.9
26,524.2
+2.7%
Customer loans & advances (Net)
8,966.3
8,767.9
+2.3%
Customer deposits
18,883.0
17,170.7
+10.0%
Key Metrics
Post-tax return on average equity4
4.6%
29.8%
Post-tax return on average assets5
0.5%
3.1%
Net Interest Margin6
11.1%
9.9%
Earnings yield7
17.3%
16.9%
Cost of funds8
4.8%
5.6%
Cost to income9
53.8%
43.3%
Non-Performing Loan (NPL) Ratio
12.0%
10.2%
NPL Coverage10
98.7%
54.8%
For footnoted information, refer to Page 9
Wale Oyedeji, the Group Managing Director while commenting on the results stated that:
“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.
We also strengthened our capital position through focused capital-raising initiatives to ensure FirstBank meets minimum regulatory capital requirements of N500 billion.
Additionally, and under our ₦350 billion capital raise programme, we have successfully secured ₦128.7 billion to date. We remain firmly on track and continue to engage proactively with regulators and the market to deliver a further enhanced well-capitalised platform that can enhance growth and increase value creation.
