First HoldCo Plc has reported a rise in gross earnings to ₦3.4 trillion in 2025, up from ₦3,104.5 trillion in 2024, representing a 6.9% year-on-year increase, according to its audited financial results for the year ended December 31, 2025.
The Group attributed the performance to strong core banking operations and a diversified income structure that continued to support revenue growth despite macroeconomic pressures.
However, profit before tax declined significantly by 70.5% to ₦235.0 billion, driven largely by a sharp 93.8% increase in impairment charges and the normalisation of foreign exchange gains recorded in previous years.
Despite the drop in profit, the Group recorded strong underlying performance, with normalised pre-provision profit rising 36.6% to ₦1.07 trillion, reflecting resilience in core operations.
Total assets grew modestly by 2.7% to ₦27.3 trillion, compared to ₦26.5 trillion in 2024. The Group said the growth reflects an expansion in interest-earning assets, with cash and balances with central banks, loans to banks and customers, and investment securities accounting for 89.8% of total assets, up from 86.8% in the prior year.
Operating expenses increased by 32.1% to ₦1.2 trillion, attributed to inflationary pressures and foreign exchange volatility.
The Group also strengthened its capital position, with share premium rising to ₦458.4 billion following a successful capital raise. Total shareholders’ funds increased to ₦3.3 trillion, up from ₦2.8 trillion in 2024.
Customer deposits grew by 10.0% to ₦18.9 trillion, while loans and advances increased slightly by 2.3% to ₦9.0 trillion, reflecting a cautious and risk-managed lending approach.
The non-performing loan (NPL) ratio rose to 12.0% from 10.2%, mainly due to higher impairment charges linked to industry-wide exposure in the oil and gas sector. The Group noted that collateral values remain sufficient to cover exposures.
Speaking on the performance, Group Managing Director of First HoldCo, Wale Oyedeji, described 2025 as a “defining year” marked by disciplined execution and balance sheet strengthening.
He said the Group achieved strong net interest income growth of 36.8%, supported by momentum in digital and transactional banking channels.
Oyedeji added that the Group deliberately de-risked its balance sheet through increased provisioning for impaired assets while also strengthening capital buffers to meet regulatory requirements, including the ₦500 billion minimum capital threshold for FirstBank.
He also disclosed that under the ₦350 billion capital raise programme, the Group has already secured ₦128.7 billion to date.
