FirstHoldCo Plc has released its audited 2025 financial results, describing the year as a defining period marked by disciplined execution, resilient earnings performance, aggressive balance sheet clean-up, and renewed capital strengthening efforts.
The Group recorded a 6.9 per cent year-on-year increase in gross earnings to ₦3.4 trillion, driven largely by growth in core banking operations and expanding digital transaction volumes.
Commenting on the results, the Group Managing Director of FirstHoldCo, Wale Oyedeji, said the company undertook decisive actions in 2025 to reposition the Group for sustainable growth and stronger earnings quality.
“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,” he said.
According to him, net interest income grew by 36.8 per cent during the year, while the Group maintained strong momentum across its digital and transactional banking franchises.
Oyedeji explained that the company comprehensively de-risked its balance sheet through significant provisioning for impaired and non-performing exposures in line with the post-forbearance regulatory landscape.
“This decisive action enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings,” he stated.
The Group also intensified efforts to strengthen its capital position as part of moves to ensure compliance with the Central Bank of Nigeria’s new minimum capital requirement for banks.
Oyedeji disclosed that under its ₦350 billion capital raising programme, the company had successfully secured ₦128.7 billion as of the reporting period.
“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,” he added.
The financial review showed that interest income rose by 24.9 per cent to ₦3 trillion, supported by asset repricing and improved yields, while net fees and commission income increased by 20.2 per cent to ₦294.5 billion due to higher digital transaction volumes and trade-related commissions.
Operating expenses, however, climbed by 32.1 per cent to ₦1.2 trillion, largely driven by inflationary pressures, foreign exchange volatility, rising personnel costs, regulatory charges, and increased marketing and administrative expenses.
Consequently, the Group’s cost-to-income ratio rose to 53.8 per cent.
Profit before tax declined by 70.5 per cent to ₦235 billion, primarily due to a sharp increase in impairment charges and the normalisation of foreign exchange gains recorded in previous years.
Despite this, the company said its normalised pre-provision profit rose by 36.6 per cent to ₦1.07 trillion, reflecting what it described as the Group’s strong underlying earning capacity.
Total assets increased by 2.7 per cent year-on-year to ₦27.3 trillion, while customer deposits rose by 10 per cent to ₦18.9 trillion, supported by a strong Current Account Savings Account (CASA) mix of 93.1 per cent.
The Group’s non-performing loan ratio increased to 12 per cent from 10.2 per cent in 2024 due to industry-wide exposures within the oil and gas sector. However, the coverage ratio improved significantly to 98.7 per cent from 54.8 per cent, reflecting stronger provisioning and enhanced balance sheet resilience.
Oyedeji noted that the Group continues to demonstrate leadership in the recovery of legacy delinquent loans, particularly from upstream oil and gas obligors with substantial reserve-backed collateral.
He added that the company remains focused on improving earnings quality, strengthening asset quality and capital position, driving operational efficiency, and expanding its non-banking business segments.
“With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth and translate performance into consistent shareholder returns,” he said.
