First HoldCo Plc has released its unaudited financial results for the nine months ended September 30, 2025, posting a 15.5% decline in profit after tax to ₦450.87 billion, compared to ₦533.88 billion in the same period of 2024.
The company’s profit before tax stood at ₦566.54 billion, down 7.3% from ₦610.86 billion reported in 2024. The dip in profitability was largely attributed to higher impairment charges, increased operating expenses, and lower gains from financial instruments compared to the previous year.
Revenue and Core Income Performance
First HoldCo recorded a strong increase in interest income, which rose to ₦2.29 trillion from ₦1.63 trillion in 2024, driven by higher yields on loans and advances.
Interest expense, however, also grew by 4.3% year-on-year to ₦791.8 billion, resulting in a net interest income of ₦1.50 trillion, up from ₦873.94 billion a year earlier.
After accounting for impairment charges of ₦288.92 billion (up 68.6% from ₦171.39 billion in 2024), net interest income after impairment rose to ₦1.21 trillion, compared to ₦702.55 billion last year.
Fee and commission income climbed to ₦260.48 billion, up 26.9% from ₦205.33 billion, while net fee and commission income rose to ₦213.69 billion from ₦171.34 billion in the prior year.
Trading and Other Income
The Group reported a foreign exchange gain of ₦71.94 billion, reversing a ₦226.73 billion loss recorded in the previous year.
However, net losses from financial instruments at fair value through profit or loss (FVTPL) amounted to ₦72.78 billion, compared to a ₦551.76 billion gain in 2024, weighing on overall income.
Dividend income rose to ₦11.74 billion from ₦9.74 billion, while other operating income declined to ₦23.83 billion from ₦68.08 billion last year.
Operating Expenses
The Group’s cost base increased during the review period, with personnel expenses rising to ₦288.92 billion from ₦210.41 billion, while depreciation, amortisation, and impairment charges increased by 24.2% to ₦55.98 billion.
Other operating expenses jumped 41.9% to ₦597.77 billion, reflecting inflationary pressure and cost of expansion.
Profitability and Earnings per Share
Operating profit stood at ₦565.91 billion, compared to ₦610.47 billion in 2024. Profit before tax closed at ₦566.54 billion, while profit after tax stood at ₦450.87 billion, down from ₦533.88 billion the prior year.
Profit attributable to owners of the parent company amounted to ₦445.88 billion, while non-controlling interests accounted for ₦4.99 billion.
Basic earnings per share (EPS) from continuing operations dropped to ₦10.82 from ₦14.42, while overall EPS from total operations stood at ₦10.65, compared to ₦14.64 in 2024.
Subsidiary and Group Performance
For the Group’s direct operations, profit before tax stood at ₦26.15 billion versus ₦2.48 billion a year earlier, driven largely by a gain of ₦18.41 billion from the disposal of a subsidiary during the period.
Interest income rose to ₦9.68 billion from ₦4.32 billion, while operating profit improved to ₦26.15 billion from ₦2.48 billion, representing a more than tenfold increase year-on-year.
Outlook
The Group’s performance reflects sustained growth in interest income and fee-based revenue despite higher impairment costs and operating expenses. The disposal of a subsidiary contributed positively to overall group earnings.
First HoldCo Plc said it remains focused on strengthening balance-sheet resilience, expanding non-interest income sources, and improving operational efficiency to sustain long-term profitability in a volatile macroeconomic environment.
