By CHIMA NWOKOJI

FirstHoldCo Plc has sustained its growth momentum across core business segments, reporting a 17.1 percent year-on-year increase in gross earnings to N2.64 trillion for the nine months ended September 30, 2025, compared to N2.25 trillion in the corresponding period of 2024.

According to the unaudited results released by the Group, interest income rose sharply by 40.4 per cent to N2.29 trillion from N1.63 trillion in September 2024, reflecting improved asset yields and loan book expansion. Net interest income also climbed 71.7 per cent year-on-year to N1.5 trillion, buoyed by stronger core banking operations.

However, non-interest income declined 49.2 percent to N296.9 billion, while impairment charges for credit losses surged 68.6 percent to N288.9 billion, reflecting prudent risk provisioning in a volatile operating environment.

Operating income rose 23.2 percent to N1.80 trillion, though profit before tax slipped 7.3 percent to N566.5 billion, down from N610.9 billion a year earlier. Profit after tax also fell by 15.5 percent to N450.9 billion, largely due to reduced fair value gains and higher operating costs, which jumped 39.3 percent to N942.7 billion.

Despite the profit decline, the Group maintained balance sheet stability, with total assets at N26.4 trillion, marginally lower than N26.5 trillion as of December 2024. Customer deposits rose 4.2 percent year-to-date to N17.9 trillion, while net loans and advances increased by 9 percent to N9.6 trillion.

Key performance ratios show that FirstHoldCo maintained a post-tax return on average equity of 19.9 per cent and a post-tax return on assets of 2.3 percent. The Group’s cost-to-income ratio stood at 52.4 per cent, compared with 46.4 percent a year earlier, while the non-performing loan (NPL) ratio improved to 8.5 per cent from 10.2 percent in December 2024.

Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of the Group’s underlying resilience and commitment to sustainable growth.

“FirstHoldCo has once again demonstrated solid earnings capability,” Oyedeji said. “Our interest and operating income grew strongly by 40.4 percent and 23.2 percent, respectively, supported by a 26.9 percent rise in fees and commission income. The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.”

He noted that the Group’s strategic risk management measures were already yielding results, as seen in the improved asset quality.

On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and is awaiting final regulatory approvals.

“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,” he said. “Subsequent capital raising rounds will further enhance our financial solutions and support value-accretive initiatives.”

Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to deliver stronger shareholder value through operational scalability and prudent capital management.