First Holdco Plc has released its audited financial results for the year ended December 31, 2024, reporting a pre-tax profit of N781.88 billion, representing a 124.77 per cent year-on-year increase compared to N347.87 billion recorded in 2023.
Profit after tax also saw significant growth, rising by 115.12 per cent to N663.490 billion, while Gross Earnings surged by 105.71 per cent year-on-year, hitting N3.212 trillion.
According to the financial statements, the group has 35.90 billion shares outstanding.
Notably, Femi Otedola increased his total (direct and indirect) shareholdings by 108.83 per cent, from 2.03 billion shares in 2023 to 4.23 billion shares in 2024, bringing his stake to 11.80 per cent of the company’s total shares.
The Board of Directors has recommended a dividend of 60 kobo per ordinary share of 50 kobo each, amounting to N25.13 billion, up from N14.36 billion distributed in 2023
First Holdco Plc has posted a stellar performance for 2024, with strong earnings growth fueled by robust interest and non-interest income.
Gross earnings surged, thanks largely to a sharp rise in interest income, which remains the backbone of the group’s business, making up 75 per cent of total gross earnings, up from 60 per cent in 2023.
This growth came primarily from loans and advances to customers and financial institutions, which accounted for over 64 per cent of the interest income.
However, there was also a solid boost from investment in securities, which contributed 35 per cent to interest income, up 19 per cent year-on-year.
This reflects both the high-interest rate environment and a significant increase in securities investment, which rose 134 per cent to N6.54 trillion, now making up 25 per cent of the group’s total assets.
Total loans and advances also grew strongly, rising 43.5 per cent year-on-year, and now represent over 45 per cent of the group’s balance sheet.
On the cost side, interest expenses rose too, mostly from deposits by customers and other banks; these accounted for 83 per cent of total interest expenses and 34 per cent of the group’s total interest income.
Loan loss provisions were high, with N341.04 billion set aside specifically for customer loans, contributing to a total impairment charge of N426.29 billion.
Still, the group’s net interest income after impairments came in strong at N975.02 billion, up 203 per cent from last year.
The group’s non-interest income was also a key driver of growth. Fees and commissions rose by 38 per cent to N304.5 billion, driven by: Electronic banking fees: N77 billion; Credit-related fees: Over N46 billion; Funds transfer/intermediation fees: Over N46 billion.
In addition, the group booked N549.99 billion in gains from financial instruments measured at fair value (FVTPL), contributing over 17 per cent to gross earnings and a strong performance on the trading side.
Tax liabilities shot up due to a windfall tax levy of N33.49 billion, covering three years (2023–2025). This pushed total tax expenses to N132.98 billion, 179 per cent higher than in 2023.
On the balance sheet, customer and institutional deposits remain the lifeblood of the business, making up over 75 per cent of total assets.
Shareholders’ equity increased, supported by higher retained earnings and a positive currency translation reserve
However, with the share capital and premium at N251.4 billion, the group is still working towards meeting the Central Bank of Nigeria’s new capital requirement ahead of the February 2026 deadline.
To strengthen its capital base, it launched a N149 billion rights issue in November 2024 as part of its compliance strategy.
As of April 17, 2025, First Holdco’s share price was N24.60, reflecting a 12.3 per cent year-to-date decline.