First HoldCo Plc has released its unaudited financial results for the year ended 31 December 2025, highlighting a year of deliberate and strategic actions focused on strengthening the balance sheet, improving asset quality, and positioning the Group for more resilient and sustainable growth, following its successful capital-raising activities.
According to the unaudited Group financial statements, First HoldCo recorded a 4.8% year-on-year increase in gross earnings to ₦3.4 trillion. This performance was underpinned by a robust 36.3% growth in net interest income to ₦1.9 trillion, driven by improved asset yields and margins of 17.11% and 11.0%, respectively. Net fees and commission income also rose by 18.7% to ₦290.7 billion, reflecting the continued strength of the Group’s core revenue engines.
Profitability for the year was, however, lower than the prior period, largely due to significantly higher impairment charges in the commercial banking segment. This outcome reflects a conscious management decision to accelerate balance sheet clean-up and adopt more conservative provisioning standards following the expiration of regulatory forbearance. Management considers this approach prudent, as it enhances transparency, strengthens investor confidence, and aligns with evolving regulatory expectations.
Increased regulatory levies also weighed on earnings during the period. While these costs impacted profitability, they underscore the Group’s commitment to compliance and its support for the stability and integrity of Nigeria’s financial system. Notwithstanding these headwinds, the underlying performance of the business remained resilient.
Deposit liabilities grew by 10.0% year-on-year, supported by sustained deposit mobilisation and ongoing investments in digital banking platforms. This growth reflects strong customer confidence and deeper engagement across key customer segments. The deposit mix further benefited from a reduction in foreign currency deposits, driven by the repayment of expensive funding and the effect of naira appreciation, resulting in improved funding efficiency and reduced foreign exchange risk.
Gross loans and advances declined marginally, reflecting a disciplined approach to credit growth, improved risk management, loan repayments, write-offs, and the translation impact of a stronger naira on foreign currency-denominated facilities. The Group remains focused on building a cleaner, higher-quality loan portfolio to enhance future earnings capacity.
Non-interest income declined during the year, primarily due to lower fair value gains on financial instruments following the naira appreciation in 2025. This was partly offset by stronger foreign exchange trading income and reduced FX revaluation losses. Growth in fees and commissions was supported by higher electronic banking fees, letters of credit commissions, custodian fees, and account maintenance income, highlighting the success of the Group’s digital innovation strategy.
Excluding impairment charges and fair value gains, pre-provision operating profit grew by a strong 23.9% year-on-year to ₦973.3 billion, demonstrating the solid performance of the Group’s core operations. Outside the commercial banking segment, performance across other business lines remained resilient, supported by steady customer activity and disciplined execution.
Looking ahead, First HoldCo will continue to prioritise disciplined execution of its strategic objectives, with a strong focus on efficiency, profitability, and the continued enhancement of its digital and data capabilities. The Group also aims to maintain a robust balance sheet to support value creation and improved returns for shareholders, while pursuing selective growth opportunities, including new revenue streams, additional business verticals, and deeper participation in targeted African markets in line with its strategy and risk appetite.
Further details will be provided upon the release of the audited full-year results and during the subsequent investor and analyst earnings call.
