In the first half of 2025, First HoldCo’s gross earnings reached N1.65 trillion, up 75.7 per cent from the same period in 2024 due to a rise in net interest income.
The company revealed this on Wednesday along with its unaudited half-year financial results.
According to its income statement, gross earnings increased 18.1 per cent year over year, while interest income increased 51.7 per cent to N1.44 trillion from N947.7 billion the previous year. Net interest income increased to N904.8 billion, a 75.7 per cent increase.
Operating expenses increased from N445.7 billion in June 2024 to N552.8 billion, a 24 per cent increase.
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First HoldCo’s profit before taxes fell 13.6 per cent year over year to N356.1 billion.
Additionally, the profit for the period decreased by 20.7 per cent to N289.8 billion from N365.3 billion the year before.
First HoldCo’s total assets increased by 2.5% to N27.2tn
According to the financial position, total assets increased by 2.5 per cent this year to N27.2 trillion (compared to N26.5 trillion in December 2024).
Within the first half of 2024, customer deposits increased by 4.2 per cent to N17.9 trillion, while customer loans and advances (Net) increased by 1.1 per cent year-to-date to N8.9 trillion from N8.8 trillion in December 2024.
Group Managing Director Adebowale Oyedeji commented on the financial performance, stating that the financial institution had remained strong despite macroeconomic challenges.
He said, “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 primarily due to a strong 75.7 per cent y-o-y growth in net interest income to N904.8bn.
He added, “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.”
First HoldCo’s impairment charge increased by 99.4%
The impairment charge for First HoldCo increased by 99.4 per cent year over year to N185.4 billion from N93 billion 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.”
He continued, “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,” he added.