First HoldCo Plc (FirstHoldCo or the Group) has sustained momentum in its core business operations, reporting an 18% year-on-year increase in gross earnings to N1.7 trillion for the half-year ended June 30, 2025. The Group’s unaudited results released on Tuesday highlight significant growth in interest income and net interest income, underscoring its resilience despite a challenging macroeconomic environment.
Interest income jumped 52% year-on-year to N1.44 trillion from N947.7 billion in June 2024, while net interest income surged 75.7% to N904.8 billion compared to N514.9 billion in the same period last year. Total operating income rose 15% to N1.09 trillion, driven by improved asset yields and robust lending activities.
However, non-interest income dropped by 56.5% year-on-year to N189.4 billion, and profit before tax slipped 13.6% to N356.1 billion, reflecting the normalisation of foreign exchange gains recorded in the previous year and a 99% rise in impairment charges, which reached N185.4 billion. Profit for the period closed at N289.8 billion, down 20.7% from N365.3 billion in June 2024.
On the balance sheet side, total assets grew 2.5% year-to-date to N27.2 trillion, while customer deposits rose 4.2% to N17.9 trillion. Net loans and advances increased by 1.1% to N8.9 trillion. The Group maintained a capital adequacy ratio of 16.9%, slightly higher than the December 2024 position of 16.5%.
Group Managing Director, Adebowale (Wale) Oyedeji, said the performance reflects FirstHoldCo’s ability to capitalise on market opportunities while reinforcing balance sheet strength.
“FirstHoldCo has once again demonstrated its resilience and tenacity amidst a challenging macroeconomic backdrop,” Oyedeji said. “Gross earnings grew to N1.7 trillion largely on the back of a strong 75.7% year-on-year growth in net interest income to N904.8 billion. This underscores our ability to capitalise on market opportunities while maintaining a strong focus on profitability. Profit before tax closed at N356.1 billion primarily due to the 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.”
Looking ahead, Oyedeji noted that the Group will prioritise strengthening its earnings profile, completing the recapitalisation of FirstBank before the March 2026 regulatory deadline, and achieving full resolution of forbearance loans by the end of 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,” he said. “We are committed to our strategic goals and are confident in our ability to deliver optimal value to our shareholders.”
The Group’s earnings yield rose to 16.5% from 14.1% in June 2024, while net interest margin improved to 10.4% from 7.7%.
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