First HoldCo 2025 half-year results reveal ₦1.7 trillion in gross revenue, driven by rising interest income, despite lower profits from impairments and non-interest income

First HoldCo 2025 half-year results show that Nigeria’s oldest banking group maintained top-line growth in a tough economic climate, though bottom-line profitability was pressured.

Also read: Otedola champions First Holdco’s comeback, aims for Africa’s top bank spot

For the six months ending June 30, 2025, First HoldCo Plc posted an 18.1% increase in gross earnings, reaching ₦1.66 trillion compared to ₦1.4 trillion in H1 2024.

This performance was largely driven by a 51.7% surge in interest income, which rose to ₦1.4 trillion, reinforcing the group’s strength in traditional banking operations.

Net interest income followed the same upward trajectory, climbing 75.7% year-on-year to ₦904.8 billion.

The performance highlights management’s focus on capitalizing on interest rate opportunities in a dynamic macroeconomic environment.

However, non-interest income plunged by 56.5% to ₦189.4 billion, revealing pressure in trading and fee-based streams.

Additionally, impairment charges nearly doubled, up 99.4% to ₦185.4 billion—signaling a more cautious lending approach.

While operating income grew 15.1% to ₦1.09 trillion, costs also surged 24%, totaling ₦552.8 billion.

These expenses, combined with weaker non-interest contributions, led to a 13.6% drop in pre-tax profit (₦356.1 billion) and a 20.7% dip in net profit (₦289.8 billion).

Despite earnings pressure, the group’s total assets rose 2.5% to ₦27.2 trillion, and customer deposits improved slightly to ₦17.9 trillion.

Group Managing Director, Adebowale Oyedeji, praised the resilience shown, stating:

“Delivering ₦1.7 trillion in revenue, particularly in a volatile year, underscores our ability to drive core earnings.”

He linked the profit decline to the fading of 2024’s FX gains and higher provisioning for legacy loan exposures.

Oyedeji also emphasized FirstBank’s recapitalization readiness ahead of the March 2026 CBN deadline and its intention to resolve forbearance loans by the end of 2025.