FirstHoldCo Sustains Growth Momentum, Posts ₦3.4tn FY 2025 Earnings and ₦321.1bn Q1 2026 Profit

First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its audited results for the financial year ended December 31, 2025 and 2026.

Financial Highlights

Year 2026

Financial Highlight 

First HoldCo Plc has announced its audited financial results for the year ended December 31, 2025, reporting gross earnings of ₦3.4 trillion, representing a 6.9 per cent year-on-year growth, driven by strong core banking performance, resilient earnings and sustained momentum across its digital and transactional banking businesses.
The Group Managing Director of FirstHoldCo, Wale Oyedeji, described 2025 as a defining year for the Group, marked by disciplined execution, balance sheet restructuring and strategic efforts aimed at delivering sustainable growth and improved shareholder value.

According to him, the Group strengthened its financial position through deliberate capital-raising initiatives targeted at ensuring FirstBank meets the new minimum regulatory capital requirement of ₦500 billion. He disclosed that under its ongoing ₦350 billion capital raise programme, the Group has already secured ₦128.7 billion and remains on course to complete the exercise successfully.

Oyedeji further noted that the Group took decisive steps to de-risk its balance sheet by adequately providing for impaired and non-performing loans, particularly exposures linked to the oil and gas sector, thereby reinforcing transparency, asset quality and long-term financial resilience.
A review of the Group’s financial performance showed that interest income rose by 24.9 per cent to ₦3.0 trillion, while net interest income climbed by 36.8 per cent to ₦1.9 trillion, resulting in a net interest margin of 11.1 per cent. Net fees and commission income also increased by 20.2 per cent to ₦294.5 billion, supported by higher digital transaction volumes, transfer fees and trade-related commissions.

Despite the strong revenue performance, operating expenses grew by 32.1 per cent to ₦1.2 trillion due to inflationary pressures, foreign exchange challenges, higher personnel costs, regulatory charges and increased investments in branding, customer engagement and operational expansion. Consequently, the Group’s cost-to-income ratio rose to 53.8 per cent.

Profit before tax declined by 70.5 per cent to ₦235.0 billion, largely driven by a 93.8 per cent increase in impairment charges and the moderation of foreign exchange gains recorded in previous years. However, the Group maintained strong underlying profitability, with normalised pre-provision profit increasing by 36.6 per cent to ₦1.07 trillion.

Total assets grew by 2.7 per cent year-on-year to ₦27.3 trillion from ₦26.5 trillion recorded in 2024, while customer deposits rose by 10 per cent to ₦18.9 trillion, reflecting sustained customer confidence and a strong liquidity position. Loans and advances increased modestly by 2.3 per cent to ₦9.0 trillion in line with the Group’s cautious and disciplined risk management approach.
The Group’s non-performing loan ratio increased to 12.0 per cent from 10.2 per cent in 2024 due to higher impairment provisions linked to industry-wide oil and gas exposures. Nevertheless, the coverage ratio improved significantly to 98.7 per cent from 54.8 per cent, underscoring stronger balance sheet protection and recovery prospects backed by substantial collateral coverage.

Shareholders’ funds also strengthened from ₦2.8 trillion to ₦3.3 trillion, while share premium increased to ₦458.4 billion following the successful capital raise exercise.

Under its Commercial Banking business, gross earnings rose by 8.1 per cent to ₦3.36 trillion, while net interest income increased by 36.1 per cent to ₦1.89 trillion. Profit before tax stood at ₦201.2 billion, while profit after tax closed at ₦129.3 billion. Customer deposits within the segment grew to ₦18.9 trillion, while total assets reached ₦26.7 trillion.
Meanwhile, the Investment Banking and Asset Management subsidiary recorded gross earnings of ₦72.8 billion, profit before tax of ₦31.9 billion and total assets of ₦535.3 billion.

Oyedeji reaffirmed the Group’s commitment to improving earnings quality, strengthening asset quality, scaling its non-banking businesses and maintaining strict risk and capital discipline, adding that the cleaner balance sheet and strengthened capital base position FirstHoldCo for sustainable growth and improved returns to shareholders.