FIRSTHoldCo Plc has reported a 6.9 per cent increase in gross earnings to N3.4 trillion for the financial year ended December 31, 2025, which was driven largely by strong growth in interest income and sustained momentum across its digital banking operations.
According to the Group’s audited financial results, gross earnings rose from N3.21 trillion recorded in 2024 to N3.44 trillion in 2025, while interest income climbed by 24.9 per cent to N2.99 trillion.
Net interest income also grew significantly by 36.8 per cent to N1.92 trillion, reflecting improved asset yields and proactive asset repricing strategies adopted during the year.
However, the banking group posted a sharp decline in profitability as profit before tax fell by 70.5 per cent to N235 billion from N796.5 billion in the previous year, while profit after tax also dropped by 79.4 per cent to N139.5 billion.
The decline in earnings was largely attributed to a 93.8 per cent surge in impairment charges, which rose to N826.3 billion, alongside the moderation of foreign exchange gains that boosted prior-year results.
Speaking on the performance, the Group Managing Director, Mr. Wale Oyedeji, described 2025 as a defining year for the institution, marked by balance sheet restructuring and strategic efforts aimed at strengthening long-term growth.
According to him, the Group undertook decisive actions to de-risk its balance sheet by making adequate provisions for impaired and non-performing exposures in line with the post-forbearance regulatory environment.
He said that the measures were designed to enhance transparency, strengthen asset quality and position the institution for sustainable future growth.
Oyedeji added that the company had intensified capital raising efforts to ensure FirstBank meets the Central Bank’s N500 billion minimum capital requirement.
He disclosed that under its N350 billion capital raising programme, the Group has already secured N128.7 billion and remains on track to strengthen its capital base further.
The financial institution also recorded notable progress in recovering delinquent loans, especially exposures tied to upstream oil and gas borrowers with oil reserve-backed collateral.
Despite the weaker bottom-line performance, the Group’s balance sheet remained relatively strong, with total assets increasing by 2.7 per cent to N27.3 trillion, while customer deposits rose by 10 per cent to N18.9 trillion.
Meanwhile, the Investment Banking and Asset Management division posted gross earnings of N72.8 billion, representing a 30.1 per cent decline year-on-year, while profit before tax fell to N31.9 billion.
The Group also strengthened shareholders’ funds, which rose from N2.8 trillion to N3.3 trillion, following a successful capital raise exercise.
The management assured that the company would continue to prioritise earnings quality, operational efficiency, capital strengthening and expansion of its non-banking businesses as part of efforts to deliver sustainable returns to shareholders.
FirstBank remains the flagship commercial banking subsidiary of the Group, which operates across 10 countries spanning Africa, Europe and Asia.
GIK/APA