FirstHoldCo Plc says its gross earnings rose by 6.9 per cent to N3.4 trillion for the year ended Dec. 31, 2025.
The figure, when compared with N3.2 trillion recorded in 2024, was driven by strong core banking operations and a diversified income base.
The group, in a statement on Friday, disclosed this, as contained in its audited financial results for the year ended Dec. 31, 2025.
It said interest income increased by 24.9 per cent to N3 trillion from N2.9 trillion in 2024, supported by proactive asset repricing and improved yields.
According to the group, net interest income also grew significantly by 36.8 per cent to N1.9 trillion, resulting in a net interest margin of 11.1 per cent.
The company noted that non-interest income remained strong during the year, with net fees and commission income rising by 20.2 per cent to N294.5 billion.
It attributed the growth to increased digital transaction volumes, transfer and intermediation fees, as well as higher earnings from letters of credit commissions and related services.
The group stated that its diversified and resilient income-generating model continued to sustain earnings performance.
It, however, said operating expenses rose by 32.1 per cent to N1.2 trillion from N934.2 billion in 2024, due to inflationary pressures and foreign exchange-related costs.
According to the group, the increase is driven by higher personnel expenses, regulatory fees, advertising and corporate promotion initiatives aimed at business growth and customer engagement, alongside increased administrative charges.
It noted that the cost-to-income ratio consequently rose to 53.8 per cent.
The group reported that profit before tax declined by 70.5 per cent to N235.0 billion, mainly due to a 93.8 per cent increase in impairment charges and the normalisation of foreign exchange gains recorded in previous years.
In spite of the decline, the company said its underlying performance remained strong, with normalised pre-provision profit increasing by 36.6 per cent to N1.07 trillion.
According to the group, this reflected its earnings resilience and fundamental operational strength.
The company said total assets grew by 2.7 per cent year-on-year to N27.3 trillion from N26.5 trillion in December 2024.
It explained that the growth reflected expansion in interest-earning assets, with cash balances with central banks, loans to banks and customers, as well as investment securities accounting for 89.8 per cent of total assets, compared with 86.8 per cent in the prior year.
On asset quality, the group said the non-performing loan ratio increased to 12 per cent from 10.2 per cent in 2024, due to higher impairment charges linked to industry-wide oil and gas sector exposures.
It noted, however, that collateral values remained adequate to cover exposures and anticipated customer repayments were expected to support profit recovery.
The group noted that its coverage ratio improved significantly to 98.7 per cent from 54.8 per cent in 2024, reflecting stronger balance sheet resilience.
It said efforts were ongoing to strengthen credit risk management, intensify loan recovery initiatives and reposition the loan portfolio for greater sustainability.
The company also said customer deposits rose by 10 per cent to N18.9 trillion, supported by a high-quality current and savings account (CASA) mix of 93.1 per cent.
According to the group, the growth reflected sustained customer confidence and a stable funding base.
It noted that loans and advances increased modestly by 2.3 per cent to N9.0 trillion, in line with its prudent risk management approach.
The group further stated that its capital base improved during the year, with share premium rising to N458.4 billion following a successful capital raise.
It said total shareholders’ funds increased from N2.8 trillion in 2024 to N3.3 trillion in 2025.
The company said it was making steady progress in rebuilding its capital position through sustained revenue growth, disciplined earnings retention, capital raising efforts and ongoing loan recoveries.
Commenting on the results, its Group Managing Director, Mr Wale Oyedeji said, “2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth.
“Gross earnings grew by 6.9 per cent to N3.4 trillion, underpinned by strong net interest income growth of 36.8 per cent and continued momentum in our digital and transactional franchises.
“Importantly, we comprehensively de-risked the group’s balance sheet by adequately providing for systemic impaired and non-performing exposures.
“This decisive action, aligned with the post-forbearance landscape, enhances transparency and positions the group on a far stronger foundation for future growth, improved asset quality and higher-quality earnings.
“We also strengthened our capital position through focused capital-raising initiatives to ensure First Bank meets minimum regulatory capital requirements of N500 billion.
“Additionally, and under our N350 billion capital raise programme, we have successfully secured N128.7 billion to date.
“We remain firmly on track and continue to engage proactively with regulators and the market to deliver a further enhanced well-capitalised platform that can enhance growth and increase value creation.
“The Group continues to demonstrate steadfast leadership in the industry-wide resolution of legacy delinquent borrower exposures.
“We have recorded notable progress in recoveries, particularly from upstream borrowers with significant oil reserve-backed collateral, reinforcing our commitment to disciplined risk management and balance sheet strength.
“Alongside these actions, we continued to invest in governance, technology and inclusion, deepening customer engagement, expanding access, and strengthening execution across the group.”
Oyediji said the company’s priorities going forward were clear and focused on improving earnings quality, driving operational efficiency, strengthening asset quality and capital position, as well as expanding its non-banking businesses through disciplined risk and capital management.
He noted that with a cleaner balance sheet and a clearly defined capital pathway, FirstHoldCo was well positioned to accelerate sustainable growth and deliver consistent returns to shareholders.
According to him, the group is a strong franchise built on scale, trust and systemic relevance and
He noted that the management remains committed to creating long-term value and enhancing shareholder returns.
