FirstHoldCo Plc. on Thursday announced its audited results for the financial year ended December 31, 2025, posting a full year revenue of N3.4 trillion with the growth driven by strong core banking activities and a well-diversified income base.
The group further sustained the momentum in Q1 2026 with gross earnings of N897.1 billion up 23.8% y-o-y (Mar 2025: ₦724.5 billion) as well as net interest income of N432.3 billion, up 21.3% y-o-y (Mar 2025: N356.5 billion) .
Also non-interest income of N188.2 billion, up 93.8% y-o-y (Mar 2025: N97.1 billion).
Operating expenses of N292.7 billion, up 21.2% y-o-y (Mar 2025: N241.4 billion).
Other highlights of the Q1 results included Profit before tax of N285.8 billion, up 71.0% y-o-y (Mar 2025: ₦167.2 billion) while profit after tax of N236.7 billion was recorded, an increase of 56.7% year-on-year.
For the full year 2025 results, interest income increased by 24.9% to N3.0 trillion, attributable to proactive asset repricing and enhanced yields.
Net interest income experienced substantial growth of 36.8%, reaching N1.9 trillion and resulting in a net interest margin of 11.1%.
Non-interest income remained strong, with net fees and commission income rising by 20.2% to ₦294.5 billion, supported by greater digital transaction volumes, transfer and intermediation fees, and letter of credit commissions and fees.
The Group’s earnings profile is sustained by a diversified and resilient income-generating model.
Operating expenses rose by 32.1% to N1.2 trillion, primarily due to inflationary trends and foreign exchange pressures.
The increase was largely attributable 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, and boost customer engagement, along with greater administrative and miscellaneous charges. Consequently, the cost-to-income ratio climbed to 53.8%.
Profit before tax decreased by 70.5% to ₦235.0 billion, primarily as a result of a 93.8% rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years.
Despite these challenges, the Group said it demonstrated robust underlying performance, with normalised pre-provision profit rising by 36.6% to N1.07 trillion. This improvement underscores the Group’s fundamental earning strength and resilience.
Wale Oyedeji, the Group Managing Director while commenting on the results stated that: “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 ..-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.”
On the Q1 results, the GMD said, “FirstHoldCo has begun 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy. In a market defined by volatility, our results underscore that our business is not only enduring but strengthening—built to perform through cycles and to compound value for shareholders.”
