First HoldCo Plc has announced that its gross earnings increased to N3.4 trillion in the financial year ended December 31, 2025.
This represents a 6.9 per cent year-on-year increase when compared with the N3.2 trillion recorded by First HoldCo in 2024.
The company announced this in its audited results for the financial year released on Friday, May 8, 2026.
The company noted that its interest income increased by 24.9 per cent to N3.0 trillion, while net interest income experienced substantial growth of 36.8 per cent, reaching N1.9 trillion and resulting in a net interest margin of 11.1 per cent.
Non-interest income remained strong, with net fees and commission income rising by 20.2 per cent to N294.5 billion.
First HoldCo disclosed that operating expenses rose by 32.1 per cent to N1.2 trillion, primarily due to inflationary trends and foreign exchange pressures.
First HoldCo attributed the increase to higher personnel costs, elevated regulatory fees, enhanced advertising, and corporate promotion initiatives designed to drive business growth, strengthen global and enterprise-wide brand visibility.
First HoldCo said the cost-to-income ratio climbed to 53.8 per cent, while profit before tax decreased by 70.5% to N235.0 billion, citing 93.8 per cent rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years.
Despite these challenges, the Group demonstrated robust underlying performance, with normalised pre-provision profitrising by 36.6 per cent to N1.07 trillion.
Total assets grew 2.7 per cent to N27.3 trillion from N26.5 trillion recorded in 2024, while the non-performing loan ratio rose to 12.0 per cent from 10.2 per cent recorded in 2024.
First HoldCo’s customer deposits increased to N18.9 trillion, while loans and advances experienced a modest 2.3 per cent increase, reaching N9.0 trillion.
The company enhanced its capital base, with share premium increasing significantly to N458.4 billion following a successful capital raise, while total shareholders’ funds also rose from N2.8 trillion to N3.3 trillion.
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Speaking on the results, the Group Managing Director of First HoldCo Plc, Wale Oyedeji, said: “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. Gross earnings grew by 6.9% to ₦3.4 trillion, underpinned by strong net interest income growth of 36.8% and continued momentum in our digital and transactional franchises.
“Importantly, we comprehensively de-risked the Group’s balance sheet by adequately providing for systemic impaired and non-performing exposures. This decisive action, aligned with the post-forbearance landscape, enhances transparency and positions the Group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.
“We also strengthened our capital position through focused capital-raising initiatives to ensure FirstBank meets minimum regulatory capital requirements of N500 billion. Additionally, and under our ₦350 billion capital raise programme, we have successfully secured ₦128.7 billion to date.
“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.
“The Group continues to demonstrate steadfast leadership in the industry-wide resolution of legacy delinquent borrower exposures. We have recorded notable progress in recoveries, particularly from upstream borrowers with significant oil reserve-backed collateral, reinforcing our commitment to disciplined risk management and balance sheet strength.
“Alongside these actions, we continued to invest in governance, technology and inclusion – deepening customer engagement, expanding access, and strengthening execution across the Group.
“Looking ahead, our priorities are unequivocal: improve earnings quality, drive efficiency, strengthen asset quality & Capital and scale our non-banking businesses – underpinned by rigorous risk and capital discipline.
“With a cleaner balance sheet and a defined capital pathway, FirstHoldCo is positioned to accelerate sustainable growth and translate performance into consistent shareholder returns. This is an enduring franchise, of scale, trust and systemic relevance, and we are firmly committed to compounding value and returning more to shareholders.”
