First HoldCo incomes drops 93% to N45bn

First HoldCo has reported a full-year revenue of N44.98bn for the 2025 monetary yr, representing a 93.4 per cent decline from the N677.01bn revenue recorded in 2024, even because the monetary providers group slipped right into a lack of N405.89bn within the fourth quarter.

The group’s audited outcomes for the yr ended 31 December 2025 confirmed that revenue attributable to homeowners of the dad or mum fell to N38.04bn, down 94.3 per cent from N670.80bn within the earlier yr.

Recall that the Group Chairman of First Financial institution Holdings, Femi Otedola, defended the corporate’s determination to take a one-time cost of N748bn to clear legacy dangerous loans, describing the transfer as a strategic step towards long-term stability regardless of its impression on reported earnings. The billionaire businessman, who disclosed this through his X deal with on Saturday, acknowledged that the choice was aligned with the Central Bank of Nigeria’s directive for banks to deal with non-performing loans transparently reasonably than defer the issues.

The efficiency within the remaining quarter eroded earnings recorded earlier within the yr. In This autumn 2025, First HoldCo posted a lack of N405.89bn, in contrast with a revenue of N143.13bn in This autumn 2024, representing a 383.6 per cent destructive swing year-on-year.

Regardless of the stress on earnings, curiosity revenue for the total yr rose by 23.6 per cent to N2.96tn, from N2.40tn in 2024, supported by development in interest-earning property and better yields. Nonetheless, curiosity expense additionally elevated by 5.8 per cent to N1.05tn, narrowing the advantages of upper curiosity revenue.

In consequence, internet curiosity revenue grew by 36.3 per cent to N1.91tn, in contrast with N1.40tn within the prior yr. This achieve was, nonetheless, offset by a pointy rise in credit score threat provisions. Impairment fees for losses surged by 75.4 per cent to N748.13bn, from N426.29bn in 2024, considerably weighing on profitability.

After impairment fees, internet curiosity revenue stood at N1.16tn, representing a rise of 19.2 per cent from the N975.02bn recorded a yr earlier.

Non-interest revenue remained blended. Web payment and fee revenue rose by 18.7 per cent to N290.74bn, from N244.89bn, reflecting improved transaction volumes and digital banking revenue.

Nonetheless, buying and selling actions had been unstable, with the group recording a international change achieve of N37.64bn, in contrast with a lack of N64.95bn in 2024, whereas losses on monetary devices at truthful worth via revenue or loss widened to N87.06bn, from a achieve of N549.99bn within the earlier yr.

Working bills elevated materially. Personnel bills rose by 25.1 per cent to N385.91bn, whereas different working bills climbed by 43.6 per cent to N809.36bn, reflecting larger inflation, regulatory prices, and normal working pressures. Consequently, working revenue fell sharply to N228.37bn, representing a 71.3 per cent decline from the N795.93bn recorded in 2024.

The group additionally recorded a lack of N7.77bn from discontinued operations, in contrast with a revenue of N13.52bn within the prior yr, additional weighing on general efficiency.

On the stability sheet, whole property elevated by 2.0 per cent to N27.07tn, from N26.52tn in 2024. Loans and advances to clients grew by 3.4 per cent to N9.06tn, whereas buyer deposits rose by 10.0 per cent to N18.90tn, underscoring continued balance-sheet growth.

Whole fairness rose by 14.9 per cent to N3.21tn, in contrast with N2.80tn within the earlier yr, supported by truthful worth positive aspects and retained earnings regardless of the drop in revenue.