First HoldCo posts N169bn profit before tax | Interest income soars by 62%

First HoldCo says it recorded a profit before tax (PBT) of N169.6 billion at the end of the second quarter (Q2) 2025.

According to First HoldCo’s unaudited financial statement for the period ended June 30, 2025, the figure represents a decrease of N8.15 billion compared to the N177.8 billion PBT recorded in the same period in 2024.

The bank said its half-year (H1) PBT results stood at N356.1 billion – down from N411.9 billion in 2024.

The holding company also reported a profit of N118.7 billion for Q2 2025, a decrease from N157.2 billion in the same period of 2024.

The statement showed that the group’s interest income grew by 61.9 percent to N812.1 billion in Q2 2025 – up from N501.5 billion in Q2 2024.

First HoldCo’s net interest income stood at N539.6 billion on improved lending activities and income from investments.

The statement said operating profit was N169.3 billion in the period under review, slightly lower than N177.8 billion posted in Q2 2024.

According to the report, First HoldCo’s gross earnings was N1.65 trillion in Q2 2025, an 18 percent increase relative to the N1.40 trillion booked in 2024.

First HoldCo said the result is “a testament to Mr Femi Otedola’s transformational changes within the group”.

“We see a firm commitment to the timely release of results, as we have seen with Geregu Power Plc and Forte Oil Plc in the past,” the company said.

“Also, a commitment to exit the regulatory forbearance. While the Profit Before tax dipped by N55bn we noticed over 100% increase in impairment charge from NGN92.9bn in 2024 to N185bn in 2025.

“This definitely is not unconnected to the CBN’s position on forbearance. You will recall that FBNH’s response to the CBN’s pronouncement was that it had a portion of the industrywide challenged assets on its books, and it is committed to providing for them and exit forbearance.”

First HoldCo also said “it has a fully diversified portfolio and would continue to meet the dividend expectations of its shareholders during this period”.