First HoldCo Plc has reported gross earnings of N3.4 trillion for the financial year ended December 31, 2025. This reflects a 6.9 per cent increase year-on-year, even as profit dipped sharply following heavy impairment charges and a major balance sheet clean-up.
In its audited results, the financial services group said interest income surged by 24.9 per cent to N2.99 trillion, while net interest income rose strongly by 36.8 per cent to N1.92 trillion, supported by improved asset yields and repricing of its loan portfolio.
However, non-interest income declined by 50 per cent to N377.4 billion, dragging operating income growth to a more modest 6.4 per cent. The Group also recorded a significant 93.8 per cent jump in impairment charges to N826.3 billion, alongside higher operating expenses, which rose by 32.1 per cent to N1.23 trillion.
As a result, profit before tax fell sharply by 70.5 per cent to N235 billion, while profit after tax dropped 79.4 per cent to N139.5 billion, reflecting what the Group described as a deliberate restructuring and risk realignment exercise.
Group Managing Director, Wale Oyedeji, said 2025 marked a “defining year” for First HoldCo, driven by what he called disciplined execution and a comprehensive reset of the Group’s balance sheet. He explained that the institution took decisive steps to de-risk its loan book by making substantial provisions for impaired and non-performing exposures, a move aligned with post-forbearance regulatory adjustments.
According to him, the exercise strengthens transparency and positions the Group for “higher-quality earnings and sustainable growth” going forward.
Oyedeji also disclosed that the Group is actively strengthening its capital base to meet regulatory requirements, including a N500 billion minimum capital threshold for FirstBank. He said N128.7 billion has already been raised under a N350 billion capital programme, with further fundraising efforts ongoing.
He noted that the Group has made notable progress in recovering legacy delinquent loans, particularly exposures backed by oil reserve-linked collateral, adding that these recoveries are reinforcing its risk management framework.
“We remain firmly on track to deliver a stronger, well-capitalised platform capable of supporting growth and delivering improved value to shareholders,” he said.
Total assets grew modestly by 2.7 per cent to N27.25 trillion, while customer deposits rose 10 per cent to N18.88 trillion, reflecting sustained customer confidence. Loans and advances increased slightly by 2.3 per cent to N8.97 trillion.
A key highlight was the improvement in the Group’s funding structure, with a high-quality current and savings account mix of 93.1 per cent, underscoring a stable and low-cost deposit base.
On asset quality, the non-performing loan ratio rose to 12 per cent from 10.2 per cent in the previous year, driven largely by sector-wide stress in the oil and gas industry. However, the Group said its coverage ratio improved significantly to 98.7 per cent, reflecting stronger provisioning and balance sheet resilience.
First HoldCo also reported growth in shareholders’ funds, which rose to N3.3 trillion, supported by capital raising efforts and retained earnings.
Oyedeji said the Group’s strategic focus going forward will be on improving earnings quality, strengthening capital buffers, enhancing efficiency and expanding non-banking businesses, while maintaining strict risk discipline.
“With a cleaner balance sheet and a defined capital pathway, First HoldCo is positioned to accelerate sustainable growth and deliver consistent returns to shareholders,” he said.
The Group added that its Commercial Banking arm recorded gross earnings of N3.36 trillion, while its Investment Banking and Asset Management businesses posted mixed performance amid market pressures.
Despite short-term profit pressures, First HoldCo said it remains committed to building a stronger, more resilient financial franchise anchored on governance, technology and long-term value creation.
