First HoldCo Plc has reported a profit of N663.49 billion for the year ended December 31, 2024, representing a 115 percent increase from N308.43 billion recorded in the previous year.
The strong growth was driven by higher interest income, improved trading performance, and increased non-interest revenue, as reflected in its consolidated financial results.
The Group’s interest income surged by 156 percent to N2.40 trillion in 2024 from N936.68 billion in 2023, reflecting strong asset growth and improved yield across its loan and investment portfolios.
Interest expense rose in tandem to N996.12 billion from N390.39 billion, resulting in a net interest income of N1.40 trillion, up from N546.29 billion in the prior year.
Impairment charges on financial instruments increased by 89 percent to N426.29 billion from N224.95 billion.
Despite the rise, net interest income after impairment stood at N975.02 billion, showing resilience in the Group’s risk management framework.
Fee and commission income rose by 38 percent to N304.50 billion from N220.33 billion, while commission expenses increased to N59.61 billion.
This resulted in a net fee and commission income of N244.89 billion, up from N187.07 billion, indicating growth in transaction volumes and service offerings.
The Group recorded a foreign exchange loss of N64.95 billion in 2024 compared to a larger loss of N334.23 billion in 2023.
However, it reported a net loss of N48.06 billion on the sale of investment securities versus a gain of N34.85 billion in the prior year.
First HoldCo’s performance was significantly supported by fair value gains on financial instruments, which stood at N549.99 billion, down slightly from N678.43 billion in 2023 but still a strong contributor to earnings.
Dividend income increased to N10.66 billion, while other operating income also expanded to N62.55 billion.
Operating expenses rose sharply due to inflationary pressures and business expansion. Similarly, personnel expenses increased to N308.47 billion from N175.90 billion.
Depreciation and amortisation costs climbed to N61.98 billion with total operating expenses rising as high as N563.71 billion compared to N338.25 billion in 2023.
Despite the increase in expenses, the Group’s operating profit more than doubled to N795.93 billion from N355.33 billion. Including share of profit from associates, profit before tax stood at N796.47 billion.
After accounting for minimum tax and income tax expenses totaling N132.98 billion, profit from continuing operations closed at N663.49 billion, reflecting a solid earnings performance in a volatile macroeconomic environment.
First HoldCo Plc’s 2024 results highlight a well-diversified earnings base, strong interest income growth, and resilience in non-interest revenue generation despite elevated impairments and operating costs.
Analysts expect the Group to maintain its growth trajectory in 2025 as capital deployment and efficiency gains strengthen overall profitability.
