First HoldCo Plc. has released its unaudited results for the nine months ended September 30, 2025, reporting that its gross earnings rose by 17.1% yo-y to N2.64 trillion compared with N2.25 trillion in the corresponding period of last year.
The results also showed that interest income increased by 40.4 per cent y-o-y to N2.29 trillion from N1.63 trillion in the corresponding period of 2024. Similarly, net Interest income went up by 71.7 per cent y-o-y to N1.50 trillion from N873.9 billion in the same period last year.
According to the results, non-interest income fell by 49.2 per cent y-o-y to N296.9 billion from N584.7 billion in the corresponding period of 2024. The results further indicate that impairment charge for losses increased by 68.6 per cent y-o-y to N288.9 billion from N171.4 billion in the same period of last year.
Operating income rose by 23.2 per cent y-o-y to N1.80 trillion compared with N1.46 trillion reported for the same period last year just as operating expense went up by 39.3 per cent y-o-y to N942.7 billion from N676.8 billion in the corresponding period of 2024.
However, Profit before tax dropped by 7.3 per cent y-o-y to N566.5 billion from N610.9 billion in the same period of last year, just as Profit for the period fell by 15.5 per cent y-o-y to N450.9 billion compared with N533.9 billion reported for the corresponding period of 2024.
In addition, the results showed that total assets fell marginally by 0.5 per cent y-td to N26.4 trillion from N26.5 trillion at the end of last year.
Customer deposits rose by 4.2 per cent year-to-day to N17.9 trillion from N17.2 trillion at the end of December, while customer loans and advances (Net) went up by 9.0% year-to-day to N9.6 trillion from N8.8 trillion at the end of last year.
Commenting on the results, First HoldCo’s Group Managing Director, Adebowale Oyedeji, said: “First HoldCo has once again showed solid earning capabilities.
The Group posted a strong financial performance over the period, with interest income and operating income growing by 40.4 per cent and 23.2 per cent year-on-year, respectively.
The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income. Consequently, gross earnings reached N2.6 trillion, marking a 17.1 per cent year-on-year increase.
“The decline in profit before tax is directly attributable to the normalisation of fair value gains and measures implemented to strengthen the balance sheet for the long term.
Our strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent, and we are on track to exit the forbearance regime by year-end.
