In a financial environment marked by continued volatility, regulatory recalibration, and fast-changing customer expectations, First Holdco Plc has reaffirmed its position as the leading financial institution in Nigeria by delivering a robust half-year performance, underscored by significant growth in its core business operations. The results reaffirm the Group’s strong fundamentals, resilient business model, and disciplined execution of its strategic priorities in a dynamic operating environment.The Group submitted its unaudited consolidated financial statements for the half-year (H1) period ended 30 June 2025, to the Nigerian Exchange Limited (NGX), taking a deliberate lead by becoming the first among Tier 1 financial institutions in Nigeria to release its report. This timely disclosure sets a transparent tone and offers stakeholders a clear view of the Group’s sustained performance, evolving strategy, and forward-looking resilience.
A review of the unaudited results for the six months ended June 30, 2025, reveals a consistent performance across its core operations, with gross earnings rising to N1.7tn, an 18.1 per cent increase over the corresponding period of 2024. The growth in gross earnings was primarily driven by a 51.7 per cent surge in interest income, which reached N1.4tn, compared to N947.7bn in the prior year. Net interest income followed a similar upward trajectory, expanding by 75.7 per cent to N904.8bn, a testament to the Group’s ability to optimise its lending portfolio and capitalise on favourable interest rate dynamics.
The Group delivered a robust 29.7 per cent year-on-year growth in gross fees and commission income to N168.57bn, with electronic banking fees contributing strongly. This reflects enhanced customer engagement and transactional activity across physical and digital channels.
FirstHoldCo’s balance sheet remained robust; customer deposits grew year-to-date to N17.9tn, with naira deposits increasing by N1.2tn during the same period. This reflects sustained confidence in the institution’s stability, robust funding mix, and strong deposit base. Loans and advances (net) also saw an uptick of 1.1 per cent, reaching N8.9tn.
Profit before tax was reported at N356.1bn, a decline from N412.0bn in the first half of 2024, attributed largely to the normalisation of foreign exchange gains and an increase in impairment charges. In particular, this reflects ongoing efforts to address forbearance loans within the Group’s portfolio. In line with the Central Bank of Nigeria’s regulatory framework, First HoldCo Plc is taking proactive steps to fully resolve all forbearance loans. In a statement issued in June 2025, the Group committed to exiting the regulatory forbearance by the 2025 financial year-end, while it also mentioned that it would continue to pay a dividend to its shareholders.
The Group has strengthened its balance sheet, with total assets increasing by 2.5 per cent to N27.2tn, up from N26.5tn as of December 2024. This demonstrates its commitment to maintaining disciplined risk asset governance and oversight and its willingness to take proactive measures to mitigate potential risks.
The Group Managing Director of First Holdco Plc, Adebowale Oyedeji, while commenting on the unaudited report, emphasised the Group’s commitment to strengthening its earnings profile and completing the recapitalisation of First Bank of Nigeria Ltd (FirstBank), its primary subsidiary, well before the March 2026 deadline.
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 largely on the back of a strong 75.7 per cent y-o-y growth in net interest income to N904.8bn. This underscores our ability to capitalise on market opportunities while maintaining a strong focus on profitability.”
He further stated, “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.”
Key financial ratios painted a positive picture of the Group’s core business performance. The net interest margin improved significantly to 10.4 per cent, compared to 7.7 per cent in June 2024, highlighting the Group’s enhanced lending efficiency and overall optimisation of its earning assets. The cost-to-income ratio rose to 50.5 per cent, up from 46.9 per cent, reflecting increased operating expenses in an elevated inflation environment but with a resilient operating income. Asset quality metrics revealed some pressure, with the non-performing loan ratio rising to 12.9 per cent from 10.2 per cent in December 2024. This is driven primarily by one oil and gas loan and forbearance-related activities for which proactive steps have been taken to sustain the resilience of the balance sheet. Overall, the loan book is continuously being de-risked, demonstrating a prudent and proactive approach to risk mitigation that strengthens its financial position.
FirstHoldCo’s ability to sustain growth in its core business operations, despite macroeconomic headwinds, speaks to the strength of its underlying fundamentals. The Group’s disciplined approach to risk management and strategic execution positions it favourably for continued stability and growth. As it moves forward, First HoldCo Plc. remains steadfast in its commitment to delivering optimal value to shareholders while contributing to the economic development in its geographical footprint.
