FirstHoldCo Plc has announced a 17.1 percent year-on-year rise in gross earnings to N2.64 trillion for the nine months ended September 30, compared to N2.25 trillion in the same period of 2024.
According to the unaudited financial results released by the group, interest income increased by 40.4 percent to N2.29 trillion from N1.63 trillion in September 2024, driven by higher asset yields and loan growth.
Net interest income rose 71.7 percent year-on-year to N1.5 trillion.
Non-interest income, however, declined by 49.2 percent to N296.9 billion, while impairment charges for credit losses grew 68.6 percent to N288.9 billion.
Operating income rose 23.2 percent to N1.80 trillion, but profit before tax fell 7.3 percent to N566.5 billion from N610.9 billion a year earlier.
Profit after tax also dropped 15.5 percent to N450.9 billion, following higher operating expenses, which rose 39.3 percent to N942.7 billion.
The group’s total assets stood at N26.4 trillion, slightly down from N26.5 trillion as of December 2024. Customer deposits increased 4.2 percent year-to-date to N17.9 trillion, while net loans and advances grew 9 percent to N9.6 trillion.
Key ratios showed a post-tax return on average equity of 19.9 percent and a post-tax return on assets of 2.3 percent.
The cost-to-income ratio rose to 52.4 percent from 46.4 percent a year earlier, while the non-performing loan ratio improved to 8.5 percent from 10.2 percent in December 2024.
Group managing director Adebowale Oyedeji said the results reflected the group’s consistent performance across its business lines.
“FirstHoldCo has once again demonstrated solid earnings capability,” Mr Oyedeji said.
“Our interest and operating income grew by 40.4 percent and 23.2 percent, respectively, supported by a 26.9 percent rise in fees and commission income. The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.”
Oyedeji added that the group’s risk management measures had contributed to improved asset quality.
On FirstBank’s recapitalisation, he said the first phase of its private placement capital raise had been completed and was awaiting final regulatory approval.
“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,” he said.
He reaffirmed the group’s commitment to achieving its 2029 financial targets and delivering long-term shareholder value through capital efficiency and operational growth.
