First HoldCo Plc, a major Nigerian financial holding company, has announced unaudited gross earnings of N3.4 trillion for the year ended December 31, 2025, marking a 4.8% year-on-year increase.
The group’s performance was significantly impacted by a record impairment charge, a deliberate strategic move to accelerate balance sheet clean-up and adopt more aggressive provisioning standards.
Okay News reports that the group’s core revenue-generating capacity remained solid, with net interest income growing 36.3% to N1.9 trillion and net fees and commissions rising 18.7% to N290.7 billion.
Management stated the higher impairment charges in the commercial banking segment, alongside increased regulatory costs, were prudent steps to enhance transparency and align with evolving regulatory expectations, even as they weighed on annual earnings.
Deposit liabilities grew by 10.0%, reflecting strong customer confidence and deepening engagement through digital platforms. The deposit mix showed a deliberate shift away from foreign currency deposits, improving funding efficiency and reducing exchange rate risk following naira appreciation.
Gross loans and advances declined marginally due to disciplined credit growth, loan repayments, and the translation impact of a stronger naira. The group intensified its focus on ensuring a high-quality asset base to optimize the portfolio and enhance future earnings potential.
Excluding impairment and fair value gains, pre-provision operating profit grew by 23.9% to N973.3 billion, demonstrating the underlying strength of the core business. Looking ahead, the group will prioritize disciplined execution, digital capabilities, and selective growth initiatives in targeted African markets to drive shareholder returns.
