First HoldCo Plc has reported gross earnings of N1.7 trillion for the first half of 2025, representing an 18.1 per cent increase from N1.4 trillion recorded in the same period last year.
The unaudited financial result released by the financial services holding company yesterday shows that interest income surged by 51.7 per cent to N1.4 trillion, driven by increased yields and lending activity, while net interest income soared by 75.7 per cent to N904.8 billion, compared to N514.9 billion in the corresponding period of 2024.
However, non-interest income fell sharply by 56.5 per cent to ₦189.4 billion, attributed primarily to lower foreign exchange revaluation gains. Profit before tax declined by 13.6 per cent to N356.1 billion, while profit after tax dropped by 20.7 per cent to N289.8 billion, down from N365.3 billion in H1 2024.
Group Managing Director, Adebowale Oyedeji, explained that the lower profit figures reflect an increase in impairment charges, which nearly doubled year-on-year to N185.4 billion as the group strengthened its balance sheet to cushion unresolved forborne loans.
“FirstHoldCo has once again demonstrated its resilience and tenacity amidst a challenging macroeconomic backdrop,” Oyedeji said.
“This underscores our ability to capitalise on market opportunities while maintaining a strong focus on profitability.”
Operating income rose by 15.1 per cent to N1.09 billion, while operating expenses jumped 24 per cent to N552.8 billion, resulting in a cost-to-income ratio of 50.5 per cent higher than the 46.9 per cent reported in the same period last year.
The post-tax return on average equity declined to 20.2 per cent from 36.9 per cent in H1 2024, while return on average assets fell to 2.2 per cent from 3.6 per cent.
Oyedeji reaffirmed the Group’s strategic priorities, noting that the focus remains on strengthening earnings, completing the recapitalisation of FirstBank ahead of the March 2026 regulatory deadline, and resolving all forbearance loans by year-end.
“Our strategic focus remains accelerating digital transformation, enhancing the customer journey, driving sustainable long-term growth through partnerships, increasing operational excellence and maintaining disciplined risk asset governance and oversight,” he said.
FirstHoldCo will host an earnings call with investors and analysts on August 4, 2025, to discuss its financial performance and provide updates on its strategic roadmap.
