First HoldCo Reports 18% Earnings Growth, Reaches N1.65 Trillion in 2025
- First HoldCo Plc, the parent company of First Bank of Nigeria, reported a 18% increase in gross earnings, reaching N1.65 trillion for the first half of 2025
- Despite a rise in interest and fee income, earnings before taxes fell by N55 billion due to a significant increase in impairment costs, as part of the bank’s response to the CBN's new regulations
- The bank, led by Femi Otedola, is focused on improving its balance sheet while maintaining dividends and reinforcing its capital position with a strong commitment to governance and risk management
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First HoldCo Plc, the parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited, reported gross earnings of N1.65 trillion for the first half of 2025—an 18 percent increase from the same period last year.
Source: Getty Images
Interest income increased dramatically over the previous year, rising from N947.7 billion to N1.43 trillion. Additionally, fee and commission income grew from N129.92 billion to N168.57 billion.
Lending activity remained strong, with customer loans increasing marginally to N8.86 trillion, while bank loans and advances rose to N4.79 trillion from N3.3 trillion. However, compared to the first half of 2024, earnings before taxes decreased by N55 billion to N356.15 billion. Deliberately choosing to more than double its impairment costs, which increased from N92.9 billion to N185 billion, caused the decline.
This action was a response to new instructions issued by the Central Bank of Nigeria (CBN) that mandate lenders to thoroughly identify non-performing assets in the sector.
These regulatory adjustments have been welcomed by the lender, which is under the leadership of Femi Otedola. Otedola is promoting a move toward stricter financial discipline and more frequent reporting.
The increase in provisioning is interpreted as a strategic decision to withdraw from the regulatory forbearance tools put in place to assist banks in managing legacy loan problems. As a critical move to rebuild confidence, the CBN has stated unequivocally that full recognition of impaired assets is now non-negotiable.
First HoldCo acknowledged earlier this year that it still had some underperforming loans on file. The group, however, restated its objective of improving the balance sheet while continuing to pay dividends and provide shareholders with long-term value.
“Our diversified portfolio continues to shield us from broader economic shocks. We remain focused on managing risk responsibly and creating value for shareholders,” the company said in a statement.
The business is strengthening its capital position and showing investors that it takes governance, risk management, and accountability seriously by addressing these problems head-on.
Source: Getty Images
First Bank unveils new corporate name
Legit.ng reported that First Bank Holding Company (FBN Holding) has made a major change to its corporate identity with the announcement of First HoldCo Plc (FirstHoldCo) on the Nigerian Exchange (NGX).
In an attempt to strategically reposition its growth and brand, the financial institution has worked in recent months to establish a consistent identity for all of its subsidiaries in Nigeria and outside.
FBN Holdings Plc is currently known as First Holdco Plc on the Nigerian Exchange.
Source: Legit.ng
