Yesterday, First HoldCo Plc. released its audited results for the fiscal year that concluded on December 31, 2025. The company reported N3.4 trillion in revenue for the entire year, driven by a well-diversified income base and robust core banking operations.
With gross earnings of N897.1 billion, up 23.8% year over year (March 2025: ₦724.5 billion), and net interest income of N432.3 billion, up 21.3% year over year (March 2025: N356.5 billion), the group continued to maintain the momentum in Q1 2026.
Additionally, non-interest income increased by 93.8% year over year to N188.2 billion from N97.1 billion in March 2025.
Operating costs increased by 21.2% year over year to N292.7 billion from N241.4 billion in March 2025.
Profit before tax of N285.8 billion, up 71.0% year over year (compared to March 2025: ₦167.2 billion), and profit after tax of N236.7 billion, up 56.7% year over year, were among the other highlights of the Q1 results.
Due to proactive asset repricing and higher yields, interest income for the entire year 2025 increased by 24.9% to N3.0 trillion. With a net interest margin of 11.1%, net interest income increased significantly by 36.8% to reach N1.9 trillion.
Due to increased digital transaction volumes, transfer and intermediation fees, and letter of credit commissions and fees, non-interest income continued to be robust, with net fees and commission income increasing by 20.2% to ₦294.5 billion. A robust and diversified income-generating model supports the Group’s earnings profile.
Foreign exchange pressures and inflationary trends were the main causes of the 32.1% increase in operating expenses to N1.2 trillion.
Higher personnel costs, increased regulatory fees, improved corporate promotion and advertising campaigns aimed at boosting customer engagement, strengthening global and enterprise-wide brand visibility, and driving business growth, as well as increased administrative and miscellaneous charges, were the main causes of the increase. The cost-to-income ratio increased to 53.8% as a result.
A 93.8% increase in impairment charges and the normalisation of foreign exchange gains from previous years were the main causes of the 70.5% decline in profit before taxes to ₦235.0 billion.
The Group claimed that despite these difficulties, it showed strong underlying performance, with normalised pre-provision profit increasing by 36.6% to N1.07 trillion. The Group’s underlying earning strength and resilience are highlighted by this improvement.
In response to the findings, Group Managing Director Wale Oyedeji said: “2025 was a defining year for FirstHoldCo, characterised by disciplined execution, resilient core earnings, and a comprehensive reset of our balance sheet for sustainable performance and high-quality growth.” Strong net interest income growth of 36.8% and ongoing momentum in our digital and transactional franchises drove a 6.9% increase in gross earnings to ₦3.4 trillion.
Crucially, by appropriately accounting for systemic impaired and non-performing exposures, we completely de-risked the Group’s balance sheet. In line with the post-forbearance environment, this swift move improves transparency and puts the Group in a much better position for future expansion, better asset quality, and higher-quality earnings.
In order to guarantee that FirstBank satisfies the N500 billion minimum regulatory capital requirements, we also improved our capital position through targeted capital-raising initiatives. Furthermore, we have successfully raised ₦128.7 billion so far under our ₦350 billion capital raise programme. In order to provide a further improved, well-capitalized platform that can boost growth and increase value creation, we are steadfastly on course and will keep actively interacting with regulators and the market.
“FirstHoldCo has started 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy,” the GMD stated in reference to the Q1 results. Our findings demonstrate that, in a volatile market, our company is not only resilient but also growing—built to function through cycles and compound value for shareholders.
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