A 75.7 per cent growth in net interest income has seen the gross earnings of First HoldCo hit N1.65tn in the first half of 2024, compared to N1.40tn in the corresponding period of 2024.
This was disclosed in a statement accompanying its unaudited half-year financial performance on Wednesday.
On its income statement, gross earnings went up 18.1 per cent year-on-year, with interest income up 51.7 per cent to N1.44tn compared to N947.7bn in the past year. Net Interest income rose by 75.7 per cent to N904.8bn.
Operating expense up 24.0 per cent to N552.8bn from N445.7bn in June 2024. First HoldCo’s Profit before tax declined 13.6 per cent year-on-year to N356.1bn. Also, profit for the period went down 20.7 per cent to N289.8bn from N365.3bn in the previous year.
In terms of financial position, total assets grew 2.5 per cent year-to-date to N27.2tn (Dec 2024: N26.5tn). Customer deposits appreciated within the first six months by 4.2 per cent, N17.9tn, and customer loans and advances (Net) rose by 1.1 per cent y-t-d to N8.9tn from N8.8tn in December 2024.
Commenting on the financial performance, Group Managing Director, Adebowale Oyedeji, said the financial institution had remained resilient in the face of macroeconomic headwinds.
“FirstHoldCo has once again demonstrated its resilience and tenacity amidst a challenging macroeconomic backdrop. In the first half of 2025, gross earnings grew to N1.7tn largely on the back of a strong 75.7 per cent y-o-y growth in net interest income to N904.8bn. This underscores our ability to capitalise on market opportunities while maintaining a strong focus on profitability. Profit before tax closed at N356.1bn primarily due to normalisation of foreign exchange gains recorded in the previous year and an increase in impairment charges as we further strengthen the balance sheet to cover unresolved forborne loans,” he said.
First HoldCo has reported that its impairment charge went up 99.4 per cent y-o-y to N185.4bn from N93bn in June 2024.
On the outlook, Oyedeji said, “Looking ahead, our immediate priorities are strengthening our earnings profile, completing the recapitalisation of FirstBank well before the March 2026 deadline and achieving full resolution of forbearance loans by financial year end 2025.
“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.
“We are committed to our strategic goals and are confident in our ability to deliver optimal value to our shareholders.”
