FirstHoldCo Plc has sustained its growth trajectory across core business segments, posting a 17.1 percent year-on-year rise in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared with ₦2.25 trillion recorded in the corresponding period of 2024.
The unaudited financial results released by the Group show that interest income surged by 40.4 percent to ₦2.29 trillion, up from ₦1.63 trillion in September 2024, on the back of improved asset yields and loan portfolio expansion.
Similarly, net interest income grew by 71.7 percent year-on-year to ₦1.5 trillion, underscoring the resilience of the Group’s core banking operations.
However, the report revealed that non-interest income fell by 49.2 percent to ₦296.9 billion, while impairment charges for credit losses increased by 68.6 percent to ₦288.9 billion, reflecting cautious risk management amid a challenging macroeconomic environment.
Operating income rose 23.2 percent to ₦1.80 trillion, though profit before tax slipped by 7.3 percent to ₦566.5 billion, down from ₦610.9 billion a year earlier. Profit after tax also declined by 15.5 percent to ₦450.9 billion, weighed down by reduced fair value gains and a 39.3 percent jump in operating expenses to ₦942.7 billion.
Despite the pressure on profitability, FirstHoldCo maintained a stable balance sheet with total assets standing at ₦26.4 trillion, only marginally lower than ₦26.5 trillion as of December 2024. Customer deposits increased by 4.2 percent to ₦17.9 trillion, while net loans and advances grew 9 percent to ₦9.6 trillion within the review period.
The Group achieved a post-tax return on average equity of 19.9 percent and a post-tax return on assets of 2.3 percent.
Its cost-to-income ratio stood at 52.4 percent, up from 46.4 percent the previous year, while the non-performing loan (NPL) ratio improved to 8.5 percent from 10.2 percent in December 2024.
Group Managing Director, Adebowale Oyedeji, described the results as a testament to the Group’s resilience and consistent value creation.
“FirstHoldCo has once again demonstrated solid earnings capability.
“The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives. Our improved asset quality underscores the success of our risk management strategies,” Oyedeji stated.
On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and was awaiting final regulatory approvals.
“We expect to conclude this phase in November 2025, ensuring full compliance with the new minimum capital requirements by year-end,” he said.
Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to enhance shareholder value through operational efficiency, prudent capital management, and strategic growth initiatives.
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