First HoldCo Plc has announced its audited financial results for the year ended December 31, 2025, reporting a 6.9% increase in gross earnings to ₦3.4 trillion.
The results reflect a year defined by robust core interest income growth balanced against a decisive reset of the Group’s balance sheet to manage systemic impaired exposures.
The Group’s top-line growth was primarily fueled by a 24.9% rise in interest income, which reached ₦3.0 trillion.
Net interest income saw a substantial 36.8% surge to ₦1.9 trillion, resulting in a net interest margin of 11.1%. Non-interest income remained a contributor at ₦377.4 billion, though it decreased by 50.0% compared to the prior year.
Despite the strong operating performance, the Group reported a 70.5% decline in profit before tax to ₦235.0 billion, while profit for the year fell by 79.4% to ₦139.5 billion.
This drop was largely attributed to a 93.8% spike in impairment charges totaling ₦826.3 billion and the normalization of prior-year foreign exchange gains.
FirstBank Group Managing Director, Wale Oyedeji described 2025 as a defining yea focused on de-risking the balance sheet by adequately providing for systemic impaired and non-performing exposures to position the Group for future growth.
Operating expenses increased by 32.1% to ₦1.2 trillion, driven by inflationary pressures and foreign exchange volatility, leading to a cost-to-income ratio of 53.8%.
However, normalized pre-provision profit rose by 36.6% to ₦1.07 trillion, which management cited as evidence of fundamental earning resilience.
The Group’s total assets grew by 2.7% to ₦27.3 trillion.
While the non-performing loan (NPL) ratio rose to 12.0%, the NPL coverage ratio improved significantly to 98.7%, up from 54.8% the previous year.
Management noted that underlying collateral values, particularly in the oil and gas sector, remain adequate to cover exposures.
First HoldCo has made notable progress in its capital-raising initiatives to meet regulatory requirements, securing ₦128.7 billion to date under its ₦350 billion capital program.
Shareholder funds grew to ₦3.3 trillion, up from ₦2.8 trillion in 2024.
Looking ahead, the Group’s priorities include improving earnings quality, driving efficiency, and scaling non-banking businesses to accelerate sustainable growth and consistent shareholder returns.
Within the business segments, Commercial Banking recorded gross earnings of ₦3.36 trillion and total assets of ₦26.7 trillion, while customer deposits grew by 10.0% to ₦18.9 trillion.
The Investment Banking & Asset Management (IBAM) division saw gross earnings of ₦72.8 billion, with total assets increasing by 4.0% to ₦535.3 billion.