First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its audited results for the financial year ended 31 December 2025.
Financial Highlights
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| Income statement (₦’billion) | FY 2025 | FY 2024 | Δ |
|---|---|---|---|
| Gross earnings | 3,435.40 | 3,212.60 | 6.90% |
| Interest income | 2,994.10 | 2,397.40 | 24.90% |
| Net Interest Income | 1,916.90 | 1,401.30 | 36.80% |
| Non-Interest Income1 | 377.4 | 755.1 | -50.00% |
| Operating income2 | 2,294.40 | 2,156.40 | 6.40% |
| Impairment charges for losses | 826.3 | 426.3 | 93.80% |
| Operating expenses | 1,233.80 | 934.2 | 32.10% |
| Profit before tax | 235 | 796.5 | -70.50% |
| Profit for the year3 | 139.5 | 677 | -79.40% |
| Statement of Financial Position (₦’billion) | |||
| Total Assets | 27,250.90 | 26,524.20 | 2.70% |
| Customer loans & advances (Net) | 8,966.30 | 8,767.90 | 2.30% |
| Customer deposits | 18,883.00 | 17,170.70 | 10.00% |
| Key Metrics | |||
| Post-tax return on average equity4 | 4.60% | 29.80% | |
| Post-tax return on average assets5 | 0.50% | 3.10% | |
| Net Interest Margin6 | 11.10% | 9.90% | |
| Earnings yield7 | 17.30% | 16.90% | |
| Cost of funds8 | 4.80% | 5.60% | |
| Cost to income9 | 53.80% | 43.30% | |
| Non-Performing Loan (NPL) Ratio | 12.00% | 10.20% | |
| NPL Coverage10 | 98.70% | 54.80% |
Wale Oyedeji, the Group Managing Director while commenting on the results stated that:
“2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth. Gross earnings grew by 6.9% to ₦3.4 trillion, underpinned by strong net interest income growth of 36.8% and continued momentum in our digital and transactional franchises.
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Importantly, we comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action, aligned with the post-forbearance landscape, enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.
We also strengthened our capital position through focused capital-raising initiatives to ensure FirstBank meets minimum regulatory capital requirements of N500 billion. Additionally, and under our ₦350 billion capital raise programme, we have successfully secured ₦128.7 billion to date. We remain firmly on track and continue to engage proactively with regulators and the market to deliver a further enhanced well-capitalised platform that can enhance growth and increase value creation.
The Group continues to demonstrate steadfast leadership in the industry-wide resolution of legacy delinquent borrower exposures. We have recorded notable progress in recoveries, particularly from upstream borrowers with significant oil reserve-backed collateral, reinforcing our commitment to disciplined risk management and balance sheet strength.
Alongside these actions, we continued to invest in governance, technology and inclusion—deepening customer engagement, expanding access, and strengthening execution across the Group.
Looking ahead, our priorities are unequivocal: improve earnings quality, drive efficiency, strengthen asset quality & Capital and scale our non-banking businesses—underpinned by rigorous risk and capital discipline. With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth and translate performance into consistent shareholder returns. This is an enduring franchise, of scale, trust and systemic relevance, and we are firmly committed to compounding value and returning more to shareholders.”
Group financial review
In 2025, the Group demonstrated robust top-line performance, achieving a 6.9% year-on-year increase in gross earnings to ₦3.4 trillion. This growth was driven by strong core banking activities and a well-diversified income base.
Interest income increased by 24.9% to ₦3.0 trillion, attributable to proactive asset repricing and enhanced yields. Net interest income experienced substantial growth of 36.8%, reaching ₦1.9 trillion and resulting in a net interest margin of 11.1%. Non-interest income remained strong, with net fees and commission income rising by 20.2% to ₦294.5 billion, supported by greater digital transaction volumes, transfer and intermediation fees, and letter of credit commissions and fees.
The Group’s earnings profile is sustained by a diversified and resilient income-generating model.
Operating expenses rose by 32.1% to ₦1.2 trillion, primarily due to inflationary trends and foreign exchange pressures. The increase was largely attributable to higher personnel costs, elevated regulatory fees, enhanced advertising and corporate promotion initiatives designed to drive business growth, strengthen global and enterprise-wide brand visibility, and boost customer engagement, along with greater administrative and miscellaneous charges. Consequently, the cost-to-income ratio climbed to 53.8%.
Profit before tax decreased by 70.5% to ₦235.0 billion, primarily as a result of a 93.8% rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years. Despite these challenges, the Group demonstrated robust underlying performance, with normalised pre-provision profitrising by 36.6% to ₦1.07 trillion. This improvement underscores the Group’s fundamental earning strength and resilience.
Total assets grew 2.7% y-o-y to ₦27.3 trillion (Dec 2024: ₦26.5 trillion). This demonstrates an expansion in the asset position and interest earning asset as cash and balances with central Banks, loans to banks & customers and investment securities now constituting 89.8% of total assets versus 86.8% in the prior year.
Asset quality continues to be a primary area of focus for the Group. The non-performing loan (NPL) ratio rose to 12.0%(2024: 10.2%) due to a notable increase in impairment charges, largely attributable to significant industry-wide exposure within the oil and gas sector, consistent with similar treatments by other major syndicate banks.
Notably, the underlying collateral values remain more than adequate to cover exposures, offering robust downside protection, while anticipated customer repayments are expected to contribute positively to profit recovery. The coverage ratio improved significantly to 98.7% (2024: 54.8%), reflecting enhanced balance sheet resilience. Overall, the Group is further reinforcing its credit risk management framework, intensifying recovery initiatives, and strategically repositioning the loan portfolio toward greater sustainability and resilience.
The Group upheld a solid and highly liquid balance sheet, as evidenced by a 10.0% rise in customer deposits to ₦18.9 trillion. This growth was bolstered by a high-quality CASA mix of 93.1%11, signalling ongoing customer trust and a stable funding platform. Meanwhile, loans and advances experienced a modest 2.3% increase, reaching ₦9.0 trillion, consistent with the Group’s prudent and disciplined approach to risk.
The Group enhanced its capital base, with share premium increasing significantly to ₦458.4 billion following a successful capital raise. Total shareholders’ funds also rose from ₦2.8 trillion to ₦3.3 trillion. Overall, the Group is making strong progress in rebuilding its capital, supported by sustained revenue growth, disciplined earnings retention, decisive capital raising efforts, and ongoing loan recoveries.
Business Groups:
Commercial Banking
• Gross earnings of ₦3,355.4 billion up 8.1% y-o-y (Dec 2024: ₦3,104.5 billion)
• Net interest income of ₦1,887.2 billion, up 36.1% y-o-y (Dec 2024: ₦1,386.6billion)
• Non-interest income of ₦348.0 billion, down 49.0% y-o-y (Dec 2024: ₦682.7 billion)
• Operating expenses of ₦1,205.6 billion, up 32.7% y-o-y (Dec 2024: ₦908.7 billion)
• Profit before tax of ₦201.2 billion, down 72.1% y-o-y (Dec 2024: ₦720.8 billion)
• Profit after tax of ₦129.3 billion, down 78.4% y-o-y (Dec 2024: ₦599.3 billion)
• Total assets of ₦26.7 trillion, up 4.8% y-o-y (Dec 2024: ₦25.5trillion)
• Customers’ loans and advances (net) of ₦9.0 trillion, up 2.3% y-o-y (Dec 2024: ₦8.8 trillion)
• Customers’ deposits of ₦18.9 trillion, up 10.0% y-o-y (Dec 2024: ₦17.2 trillion)
Investment Banking & Asset Management (IBAM)
• Gross earnings of ₦72.8 billion, down 30.1% y-o-y (Dec 2024: ₦104.2 billion)
• Profit before tax of ₦31.9 billion, down 43.6% y-o-y (Dec 2024: ₦56.5 billion)
• Total assets of ₦535.3 billion, up 4.0% y-o-y (Dec 2024: ₦514.9 billion)
