First Bank’s Earnings Climb to ₦1.6 Trillion, Up 18.1%

First HoldCo Plc, the parent company of First Bank, has released its unaudited financial results for the first half of 2025, revealing mixed performance across key indicators.

Gross earnings rose by 18.1% year-on-year to ₦1.66 trillion, up from ₦1.4 trillion recorded in the same period of 2024. This growth was largely driven by a 51.7% increase in interest income, which climbed to ₦1.4 trillion from ₦947.7 billion. Net interest income also surged by 75.7% to ₦904.8 billion, compared to ₦514.9 billion in the previous year.

However, non-interest income declined sharply by 56.5% to ₦189.4 billion from ₦435.7 billion, while impairment charges nearly doubled, rising 99.4% to ₦185.4 billion from ₦93.0 billion.

Operating income increased by 15.1% to ₦1.09 trillion, while operating expenses rose by 24% to ₦552.8 billion, reflecting higher cost pressures.

Profit before tax dropped by 13.6% to ₦356.1 billion from ₦412.0 billion, and profit after tax declined by 20.7% to ₦289.8 billion, compared to ₦365.3 billion in the same period last year.

Despite the profit decline, the Group’s total assets saw a modest increase of 2.5% to ₦27.2 trillion, while customer deposits grew by 4.2% to ₦17.9 trillion.

Group Managing Director Adebowale Oyedeji noted that the strong growth in net interest income highlights the Group’s ability to capitalize on emerging opportunities, even as external headwinds weighed on overall earnings.

“Our profit before tax stood at ₦356.1 billion, impacted by the normalization of last year’s foreign exchange gains and a rise in impairment charges, which reflects our efforts to strengthen the balance sheet,” he explained.

Looking ahead, Oyedeji said the Group’s immediate focus will be on improving earnings, completing the recapitalization of FirstBank ahead of the March 2026 deadline, and resolving all outstanding forbearance loans by the end of 2025.

“We remain committed to our strategic priorities and confident in our ability to deliver long-term value to shareholders,” he added.