First Holdco’s Net Profit Slumps by 13% to N458 Billion
First Holdco Plc’s profit after tax slumped by 13% year on year to N458 billion; details obtained from its 9M-2025 earning results revealed.
The sharp year on year reduction in the group bottom line affected its investors metric significantly, reflecting new shares issues. Analysts noted that weak non-core income and elevated operating expenses remain headwinds to profitability.
In the period, First Holdco earnings per share fell by 27.3% year on year to N10.65 from N14.64 posted in the equivalent period. The group performance was affected negatively because of 49.1% year on year decline in non-interest income.
Supported by high interest rate environment in Nigeria, First Holdco grew interest income by 40.4% year on year to N2.29 trillion, up from N1.633 trillion.
The robust year on year growth in interest income was driven by stronger returns on loans to customers and investment securities, reflecting the impact of the elevated yield environment and moderate loan book expansion.
On the other hand, interest expense increased slightly by 4.3% y/y to N791.80 billion, supported by lower funding costs in the period. Interest on fund paid to financial institutions dropped by 13.7% even as customer deposit costs rose 15.8%.
Consequently, net interest income grew 71.7% year on year to N1.50 trillion from about N874 billion in the equivalent period in 2024.
First Holdco non-interest income declined sharply by 49.1% year on year to N297.55 billion due to significant fair value loss of N98.57 billion recorded in the period.
The group’s reported that fee and commission income grew by 24.7% year on year, and investment securities gains increased more than threefold.
On the cost side, operating expenses rose 39.3% year on year to N942.67 billion, driven by higher advert, personnel, and maintenance and AMCON costs.
The group’s profit before tax declined by 7.3% year on year to N566.54 billion, and net income fell 13.0% year on year to N458.08 billion, owing to higher taxes. Unilever Nigeria Grows Profit by 100% to N21.98bn in 9M-2025
