FirstHoldCo Plc has sustained its growth across core business segments, reporting a 17.1% year-on-year (YoY) increase in gross earnings to N2.64trn for the nine months ended September 30, 2025, compared to N2.25trn in the corresponding period of 2024.
According to the unaudited results released by the Group, interest income rose sharply by 40.4% to N2.29trn from N1.63trn in September 2024, reflecting improved asset yields and loan book expansion. Net interest income also climbed 71.7% YoY to N1.5trn, buoyed by stronger core banking operations.
However, non-interest income declined 49.2% to N296.9bn, while impairment charges for credit losses surged 68.6% to N288.9bn, reflecting prudent risk provisioning in a volatile operating environment.
Operating income rose 23.2% to N1.80trn, though profit before tax slipped 7.3% to N566.5bn, down from N610.9bn a year earlier. Profit after tax also fell by 15.5% to N450.9 billion, largely due to reduced fair value gains and higher operating costs, which increased by 39.3% to N942.7 billion.
Despite the decline in profit, the Group maintained balance sheet stability, with total assets at N26.4 Trillion, marginally lower than the N26.5 Trillion as of December 2024. Customer deposits rose 4.2% year-to-date (YTD) to N17.9trn, while net loans and advances increased by 9% to N9.6trn.
Key performance ratios indicate that FirstHoldCo maintained an average post-tax return on equity of 19.9% and a post-tax return on assets of 2.3%. The Group’s cost-to-income ratio stood at 52.4%, compared with 46.4% a year earlier, while the non-performing loan (NPL) ratio improved to 8.5% from 10.2% in December 2024.
Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of the Group’s underlying resilience and commitment to sustainable growth.
“FirstHoldCo has once again demonstrated solid earnings capability,” Oyedeji said. “Our interest and operating income grew strongly by 40.4% and 23.2%, respectively, supported by a 26.9% rise in fees and commission income.
‘’The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.”
He noted that the Group’s strategic risk management measures were already yielding results, as seen in the improved asset quality.
On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and is awaiting final regulatory approvals.
“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 enhance our financial solutions and support value-accretive initiatives.”
Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to deliver stronger shareholder value through operational scalability and prudent capital management.
