First HoldCo Plc has posted a 106 per cent increase in gross earnings for the financial year ended December 31, 2024, amounting to N3.21tn, compared to N1.56tn recorded in 2023.

This growth was driven primarily by a rise in interest income, which surged by 156 per cent to N2.40tn, up from N936.68bn in 2023.

The group’s profit before minimum tax grew by 124 per cent, reaching N796.47bn in 2024, up from N356.15bn in the previous year. Profit before income tax also recorded a strong increase, rising to N781.88bn, compared to N347.87bn in 2023, representing a 125 per cent growth.

After accounting for income tax expenses of N118.39bn, First HoldCo’s profit for the year stood at N677.01bn, a 118 per cent increase from the N310.37bn recorded in 2023. The profit attributable to equity holders of the parent entity also saw a significant rise, reaching N670.80bn, compared to N308.20bn in the previous year.

In terms of earnings per share, the company’s basic earnings per share stood at 1,869 kobo, up from 859 kobo in 2023. This represents a 117 per cent increase in profitability on a per-share basis.

The financial results also showed growth in other income lines, with a 38 per cent increase in fee and commission income, which rose to N304.50bn, up from N220.33bn in 2023. The group’s foreign exchange gains improved significantly, with a gain of N1.16bn in 2024, reversing a foreign exchange loss of N334.23bn in 2023.

Operating expenses also increased by 67 per cent, totaling N563.71bn in 2024, compared to N338.25bn in 2023. Personnel expenses, a key cost component, rose to N308.47bn, up from N175.90bn in the prior year.

Total assets of the group reached N26.52tn, a 56 per cent increase from N16.94tn in 2023.

The company’s customer deposits also grew by 61 per cent to N17.17tn, up from N10.66tn in the previous year.

The PUNCH reported that FBN Holdings Plc, a financial holding company, has announced a change in its brand name to First HoldCo Plc, FirstHoldco.