November 09, (THEWILL) — First HoldCo Plc has reported a robust financial performance for the nine months ending September 30, 2025, moving closer to a N30 trillion balance sheet by the end of the year. This follows the growth trend observed in the first half of the year, reaffirming the group’s solid fundamentals in a dynamic operating environment.
As per the unaudited financial statement submitted to the Nigerian Exchange Limited (NGX), the group recorded total assets of N26.39 trillion, compared to N26.52 trillion as of September 30, 2025 and December 31, 2024, respectively.
This translates to an average of N8.7 trillion per quarter for the nine months of 2025. If no unforeseen circumstances arise, the group is expected to surpass N30 trillion in total assets by year-end. This would represent a 13 percent expansion of the balance sheet during the reviewed year.
First HoldCo’s strong balance sheet indicates that total deposits have increased year-to-date to N19.78 trillion, approaching the N20.10 trillion recorded as of December 31, 2024. It is anticipated that this figure will reach N26 trillion, reflecting a 30 percent increase in FY 2025. The group believes this demonstrates sustained confidence in the institution’s stability, a robust funding mix, and a strong deposit base.
Total loans and advances to customers have risen year-to-date to N9.55 trillion, surpassing the N8.76 trillion recorded as of December 31, 2024, by 8.9 percent. Based on the performance over the three quarters in 2025, loans and advances to customers are projected to reach N13 trillion, marking a 67 percent increase.
This significant loan growth underscores the group’s commitment to supporting Nigeria’s ambition of achieving a $1 trillion economy by 2023 through strategic lending to the productive sector, despite a high-interest environment.
An examination of the nine-month report reveals that the majority of the facilities were term loans. Although not explicitly stated, First HoldCo is recognised for substantial lending to the real sector, including the oil and gas industry, which has resumed its crucial role in the nation’s economic development.
The moderate rise in the loan-to-funding ratio from 51.06 percent to 53.41 percent as of December 31, 2024, and September 30, 2025 respectively, indicates the group’s effective strategic allocation of its loanable funds despite the current Central Bank of Nigeria’s high Cash Reserves Requirement (CRR) of 50 percent for deposit money banks.
First HoldCo’s gross earnings during the review period increased by 17.1 percent year-on-year, reaching N2.63 trillion, up from N2.25 trillion in September 2024. This growth is primarily attributed to interest income, which surged to N2.29 trillion in the first nine months of 2025, compared to N1.3 trillion in the same period of 2024, marking a 40.4 percent rise. This performance reflects the effective management of the expanding loan portfolio, which also indicates a healthy financial position.
Conversely, interest expenses rose to N791.8 billion from N759.1 billion, while impairment charges for losses increased to N288.9 billion from N171.4 billion in the previous year. The group’s fee and commission income grew to N260.5 billion from N205.3 billion. Additionally, First HoldCo recorded a net foreign exchange gain of N71.9 billion, recovering from a loss of N226.7 billion reported a year prior.
Profit before tax for the group was N566.5 billion, a decrease from N610.9 billion in the same period of 2024. However, shareholder funds nearly doubled over nine months, rising to N3.25 trillion from N2.79 trillion as of December 31, 2024, indicating stronger fundamentals throughout the year as the Group pursues cost efficiency.
The substantial increase in operating expenses from N421.32 trillion in the first nine months of 2024 to N597.76 trillion during the review period, representing a 41.8 percent rise, was driven by three major cost components. This includes advertising and promotions, which surged to N121.17 billion from N44.56 billion in the same period of 2024, reflecting a 171.8 percent increase.
Similarly, AMCON levy and maintenance costs rose to N110.82 billion and N110.81 billion from N78.79 billion and N88.07 billion, representing increases of 40.6 percent and 25.8 percent, respectively. These factors contributed to a significant rise in the cost-to-income ratio, which reached 130.4 percent over the nine-month period.
Commenting on the development, the Group Managing Director of First HoldCo, Adebowale Oyedeji, said, “FirstHoldCo has once again shown solid earnings capabilities. The group posted a strong financial performance over the period, with interest income and operating income growing by 40.4 per cent and 23.2 per cent year-on-year, respectively.
“The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income. Consequently, gross earnings reached N2.6 trillion, marking a 17.1 per cent year-on-year increase.
“The decline in profit before tax is directly attributable to the normalisation of fair value gains and measures implemented to strengthen the balance sheet for the long term. Our strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent, and we are on track to exit the forbearance regime by year-end.”
Speaking on the ongoing recapitalisation, Oyedeji said, “Regarding the recapitalisation of FirstBank, the first phase of our private placement capital raise has been successfully executed. Pending final regulatory approvals, we anticipate this phase will conclude in November 2025, ensuring FirstBank’s full compliance with the minimum capital requirements before year-end 2025.
“The proceeds from the subsequent rounds of capital raising will be used to further enhance and broaden our innovative financial solutions and explore value-accretive opportunities.
“Overall, First HoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The group is well-positioned to not only achieve its 2029 financial targets but also to significantly enhance shareholder returns.”
Commenting on the development, the Group Managing Director of First HoldCo, Adebowale Oyedeji, said, “FirstHoldCo has once again shown solid earnings capabilities. The Group posted a strong financial performance over the period, with interest income and operating income growing by 40.4 per cent and 23.2 per cent year-on-year, respectively.
“The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income. Consequently, gross earnings reached N2.6tn, marking a 17.1 per cent year-on-year increase.
“The decline in profit before tax is directly attributable to the normalisation of fair value gains and measures implemented to strengthen the balance sheet for the long term. Our strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent, and we are on track to exit the forbearance regime by year-end.”
Speaking on the ongoing recapitalisation, Oyedeji said, “Regarding the recapitalisation of FirstBank, the first phase of our private placement capital raise has been successfully executed. Pending final regulatory approvals, we anticipate this phase will conclude in November 2025, ensuring FirstBank’s full compliance with the minimum capital requirements before year-end 2025.
“The proceeds from the subsequent rounds of capital raising will be used to further enhance and broaden our innovative financial solutions and explore value-accretive opportunities.
“Overall, First HoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The group is well-positioned to not only achieve its 2029 financial targets but also to significantly enhance shareholder returns.”
THEWILL reports that shares of FirstHoldCo Plc rallied 12.3 percent on the Nigerian Exchange (NGX) as of September 30, 2025, setting the tone for another stellar performance in Q3, after the impressive record that hit industry waves in H1.
Investigation revealed that First HoldCo stock has continued to attract investors’ interest since the year after the strategic overhaul of corporate governance that endeared stakeholders. On its last trading day (Friday, November 7, 2025), First HoldCo closed at N31.50 per share on the Nigerian Stock Exchange (NGX). The stock started the year with a price of N28.05 and has since experienced a 12.3 percent increase in its valuation, positioning it among the top-performing stocks.
An investment analyst and Chairman, Trusted Shareholders Association, Mukhtar Mukhtar, echoed investors’ optimism for enhanced returns on First HoldCo in 2025, following the impressive performance of the behemoth financial services institution on the NGX since the year.
“First Bank has become the pearl of the capital market since the Femi Otedola-led board transformed the institution. The current share price is a huge improvement compared to when it hovered around N1.00 and N1.50 per share. We are optimistic of handsome returns this year because of the rejuvenated corporate leadership the bank has seen at the board level,” Mukhtar said.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
