By Emeka Anaeto, Business Editor, and Peter Egwuatu, Asst. Business Editor
First HoldCo Plc, the parent company of First Bank, has announced its unaudited results for the first half ended June 30, 2025, showing modest improvements across several metrics.
Highlights of the performance show 18.1 percent gross earnings growth Year-on-Year, YoY, to ?1.66 trillion from ?1.4 trillion in the corresponding period of 2024, riding on impressive 51.7 percent growth in Interest Income to ?1.4 trillion as against ?947.7 billion in 2024. Also Net Interest Income went up strongly by 75.7% to ?904.8 billion from ?514.9 billion.
However, Non-interest income went down 56.5% to ?189.4 billion from ?435.7 billion and Impairment Charge went up 99.4% to ?185.4 billion from ?93.0 billion.
While operating income went up 15.1% to ?1,094.2 billion from ?950.6 billion, operating expense went up 24% to ?552.8 billion from ?445.7 billion.
Profit before tax was down 13.6% to ?356.1 billion from ?412.0 billion while Profit for the period was down 20.7% to ?289.8 billion from ?365.3 billion).
The Group’s total assets grew modestly by 2.5% to ?27.2 trillion from ?26.5 trillion, just as customer deposits went up 4.2% to ?17.9 trillion from ?17.2 trillion.
Commenting on the performance the Group Managing Director, Adebowale Oyedeji, stated: ”In the first half of 2025, gross earnings grew to ?1.7 trillion largely on the back of a strong 75.7% Y-o-Y growth in net interest income to ?904.8 billion. This underscores our ability to capitalise on market opportunities while maintaining a strong focus on profitability.
”Profit before tax closed at ?356.1 billion primarily due to normalization of foreign exchange gains recorded in the previous year and an increase in impairment charges as we further strengthen the balance sheet to cover unresolved forborne loans.
”Looking ahead, our immediate priorities are strengthening our earnings profile, completing the recapitalisation of FirstBank well before the March 2026 deadline and achieving full resolution of forbearance loans by financial year end 2025.
”We are committed to our strategic goals and are confident in our ability to deliver optimal value to our shareholders”.
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