November 02, (THEWILL) — FirstHoldco Plc has reported a profit before tax of N566.537 billion for the nine months ended 30 September 2025. Although this constitutes a 7.26 percent decline from the N610.86 billion posted in the same period last year, the Group’s core performance remained strong.
The holding company of one of Nigeria’s Tier-1 banks posted net interest income of N1.21 trillion after impairments provision that jumped 72.48 percent year-on-year to N1.21 trillion, driven by a significant expansion in interest income amid a high-interest-rate environment.
Moreover, for the third quarter alone, the Group recorded a pre-tax profit of N210.388 billion, an increase of 5.79 percent from N198.871 billion in Q3 2024.
Interest income rose sharply by 40.4% YoY to N2.29 trillion (9M 2025) from N1.63 trillion (9M 2024), driven by higher yields on interest-earning assets and growth in volumes. Specifically:
Interest income from loans and advances to customers increased to N1.459 trillion, up 59.45% from N915 billion in the prior year.
Interest income from investment securities (including treasury bills and bonds) rose to N720.15 billion, up 33.7% from N538.596 billion.
Interest expenses, however, remained relatively contained at N791.8 billion, rising just 4.3% despite growth in deposits.
This implies better cost of funds management and repricing of liabilities, resulting in net interest income rising by 71.67% YoY to N1.5 trillion.
Impairment charges surged 68.5% YoY to N288.92 billion, reflecting more cautious provisioning amid credit risk concerns and potential asset quality pressures.
Despite this, net interest income after impairments climbed significantly to N1.21 trillion, highlighting strong earnings quality.
On the non-interest income side, net fee and commission income rose 26.86% YoY to N260.477 billion, supported by:
Electronic banking fees: N68.800 billion
Letters of credit commissions and fees: N49.173 billion
The Group also recorded N71.94 billion in FX gains, reversing a loss of N226.73 billion in 9M 2024.
On the balance sheet, total assets stood at N26.40 trillion, up 7.84% YTD, supported by loan growth and expansion in cash reserves and investment securities.
On the liabilities side, customer deposits increased to N17.89 trillion, while borrowings rose to N1.74 trillion from N1.56 trillion. This shows that the balance sheet was driven by customer deposits.
Shareholders’ funds improved 16.55% to N3.26 trillion, driven by retained earnings and capital injection of N146.7 billion during the year.
On the day of the result announcement, Thursday, October 30, 2025, FirstHoldco closed at N31.70 per share, representing a 0.6 percent gain from its previous close of N31.50.
Since the start of the year, the stock has advanced from N28.05 to N31.70, delivering a 13 percent year-to-date return.
THEWILL reports that shares of First HoldCo Plc rallied 12.3 percent on the Nigerian Exchange (NGX) as of September 30, 2025, setting the tone for another stellar performance in Q3 results, after the impressive record that hit industry waves in H1. Investigation showed that First HoldCo stock has remained investors’ appetite since the year following strategic corporate governance overhaul that endeared stakeholders.
Data from the NGX revealed that First HoldCo closed its Q3 trading day on September 30, 2025, at N31.50 per share, recording a 1.6 percent gain over its previous closing price of N31.00 on Monday, September 29.
An investment expert 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 told THEWILL in a telephone chat.
FirstHoldCo Plc had reaffirmed its commitment to meeting the N500 billion capitalisation target set by the Central Bank of Nigeria (CBN), stating that it expected to achieve the requirement within a few weeks.
The financial institution, also, pledged higher dividends for shareholders at the conclusion of the 2025 financial year, signaling confidence in its profitability and future growth potential.
During its 13th Annual General Meeting (AGM) held in Lagos in May, FirstHoldCo approved a dividend of 60 kobo per 50 kobo ordinary share, amounting to N25.13 billion, a substantial increase from the N14.36 billion distributed in 2023.
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.
