First HoldCo Plc, chaired by Nigerian billionaire Femi Otedola, has announced a profit after tax of $303 million (₦450.9 billion) for the nine months ending September 30, 2025 — a 15.5% decline from the ₦533.9 billion ($359 million) recorded in the same period last year.
Despite the dip in profit, the group — which owns FirstBank of Nigeria and several other subsidiaries — recorded solid revenue growth, underscoring the resilience of its core operations amid tightening economic conditions.
According to its unaudited financial statement filed with the Nigerian Exchange Limited, gross earnings rose by 17.1% year-on-year to ₦2.63 trillion ($1.77 billion), driven largely by a 40.4% surge in interest income, which climbed to ₦2.29 trillion ($1.54 billion).
The group also posted a net foreign exchange gain of ₦71.9 billion ($48 million), marking a strong turnaround from a ₦226.7 billion ($152 million) loss a year earlier.
Interest expenses rose modestly to ₦791.8 billion ($532 million), while impairment charges for credit losses grew to ₦288.9 billion ($194 million), reflecting the company’s cautious approach to maintaining asset quality. Fee and commission income also improved, increasing from ₦205.3 billion to ₦260.5 billion.
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Profit before tax stood at ₦566.5 billion ($380 million), compared to ₦610.9 billion ($411 million) in 2024, while earnings per share declined from ₦14.64 to ₦10.65.
Group Managing Director, Adebowale Oyedeji, described the performance as evidence of “solid earnings capability and operational resilience,” noting that the decline in pre-tax profit was mainly due to the normalization of fair value gains and deliberate efforts to strengthen the balance sheet. He further disclosed that the group’s non-performing loan ratio had improved to 8.5%. Oyedeji said FirstBank’s recapitalisation programme is progressing well, with the first phase of its private placement successfully completed and full execution expected by November 2025 pending regulatory approval.
He added that proceeds from subsequent capital raises would be used to deepen financial innovation and pursue new growth opportunities.
Positioned for long-term expansion, First HoldCo remains on track to achieve its 2029 financial and operational targets, bolstered by what Oyedeji described as “fundamental strength, resilience, and scalability.”
