First HoldCo Plc Gross Earnings Hit N3.4trn

First HoldCo Plc has announced its unaudited financial results for the year ended 31 December 2025, posting a 4.8 per cent year-on-year increase in its Gross earnings, which rose to N3.4 trillion.

The gross earnings were supported by a 36.3 per cent y-o-y growth in net interest income of N1.9 trillion, driven by enhanced earnings yields and margins of 17.11 per cent and 11.0 per cent, respectively. Similarly, net fees and commissions improved by 18.7 per cent y-o-y to N290.7 billion.

Increased regulatory costs affected profitability. These charges, while weighing on the results, underscore the Group’s compliance with Nigeria’s financial system stability framework and its commitment to ensuring systemic confidence. Despite these pressures, the Group’s underlying performance remains strong.

Deposit liabilities grew by 10.0 per cent y-o-y, driven by sustained deposit mobilisation and continued investment in digital banking platforms, reflecting strong customer confidence and deepening engagement across key segments.

Gross loans and advances declined marginally, reflecting a disciplined approach to credit growth, strengthened risk management, loan repayments, write-offs, and the translation impact of a stronger naira on foreign currency facilities.

Earnings performance was impacted by a decline in non-interest income, mainly due to lower fair-value gains on financial instruments following the naira’s appreciation in 2025. However, this was partially offset by stronger foreign exchange (FX) trading income and reduced FX revaluation losses. Net fees and commission income also grew, supported by higher electronic banking fees, letters-of-credit commissions, custodian fees, and account maintenance income, reflecting the continued success of the Group’s digital innovation strategy.

While impairment charges increased following the end of regulatory forbearance, management has intensified recovery initiatives and reinforced credit oversight. Excluding impairment and fair value gains, pre-provision operating profit grew by 23.9 per cent y-o-y to N973.3 billion, demonstrating robust performance of the core business.

Apart from the commercial banking impairments, performance across the rest of the Group remained resilient, supported by steady customer activity and disciplined execution.

Looking ahead, the Group said it will continue to prioritise disciplined execution of its strategic objectives, with emphasis on enhancing efficiency and profitability, continuing to build on the Group’s digital and data capabilities, while sustaining a robust balance sheet to support increased value creation and returns for shareholders.

Alongside this, the Group said it will pursue selective growth initiatives, including new revenue streams, additional business verticals, and deeper participation in targeted African markets, in line with our strategy and risk appetite.