First HoldCo Posts Juicy N450.9 Billion Profit, Intensifies Plans For CBN Recapitalisation
- First HoldCo, the parent of company of Nigeria’s oldest bank, First Bank, announced a massive N450.9BN profit in nine months
- The financial institution disclosed the that it is on its way to meeting the N500 billion recapitalisation deadline by CBN
- First HoldCo posted a profit after tax of N450.9 billion, compared to N533.9 billion recorded in the same period of 2024
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
First HoldCo Plc has announced a strong financial performance for the nine months ending September 30, 2025, even as it ramps up efforts to meet the Central Bank of Nigeria’s (CBN) new N500 billion recapitalisation threshold for commercial banks with international authorisation.
Solid earnings despite profit decline
According to the group’s unaudited financial statement filed with the Nigerian Exchange Limited, First HoldCo posted a profit after tax of N450.9 billion, compared to N533.9 billion recorded in the same period of 2024, a decline of 15.5 per cent.
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Despite the dip, the group’s gross earnings surged by 17.1 per cent year-on-year, rising to N2.63 trillion from N2.25 trillion in September 2024.
The performance was largely driven by interest income, which grew sharply by 40.4 per cent to N2.29 trillion from N1.63 trillion a year earlier.
Interest expenses, however, increased slightly to N791.8 billion from N759.1 billion, while impairment charges for credit losses rose significantly to N288.9 billion from N171.4 billion, reflecting the group’s cautious approach amid volatile market conditions.
Fee income and FX gains boost recovery
According to a Punch report, First HoldCo also recorded notable gains in fee and commission income, which jumped to N260.5 billion from N205.3 billion, representing a 26.9 per cent rise.
Encouragingly, the group reported a net foreign exchange gain of N71.9 billion, marking a major turnaround from a loss of N226.7 billion posted a year earlier, largely due to the easing of currency volatility in the foreign exchange market.
Profit before tax came in at N566.5 billion, down from N610.9 billion in the corresponding period of 2024, while total comprehensive income declined to N335.1 billion from N848.8 billion. Earnings per share also dropped to N10.65 from N14.64.
‘We’re strengthening for the long term’ — Oyedeji
Commenting on the results, Group Managing Director, Adebowale Oyedeji, said the group’s performance underscores its resilience and capacity to sustain earnings growth amid economic headwinds.
“The decline in profit before tax is directly attributable to the normalisation of fair value gains and deliberate actions taken to strengthen the balance sheet for long-term stability,” Oyedeji explained.
“Our strategic risk management initiatives are yielding results, with the non-performing loan ratio improving to 8.5 per cent. We remain on course to exit the forbearance regime by year-end,” he added.
Aggressive recapitalisation drive underway
On the ongoing CBN recapitalisation exercise, Oyedeji disclosed that First HoldCo and its banking subsidiary, FirstBank, have made significant progress.
“The first phase of our private placement capital raise has been successfully executed, pending final regulatory approvals,” he said. “We anticipate concluding this phase in November 2025, ensuring full compliance with the CBN’s minimum capital requirement before year-end.”
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He noted that the proceeds from subsequent capital-raising rounds will be used to expand innovative financial solutions, strengthen the bank’s capital base, and enhance shareholder value.
Positioned for growth beyond 2025
With CBN’s recapitalisation deadline pushing Nigerian banks to bolster their capital buffers, First HoldCo’s financial performance and fundraising progress position it as one of the early movers in the race to meet the apex bank’s requirements.
Oyedeji affirmed that the group remains on track to achieve its 2029 financial targets, leveraging its robust fundamentals, diversified revenue streams, and strategic reforms to sustain profitability and market leadership.
First Bank announces new name
Legit.ng earlier reported that First Bank of Nigeria (FBN) Holdings Plc has received approval to change the company’s name to First Holdco Plc.
The company’s shareholders approved the name change at the 12th Annual General Meeting (AGM), held virtually on Thursday, November 14, 2024.
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