First Holdco Plc has released its audited financial results for the year ended December 31, 2024, reporting a pre-tax profit of N781.88 billion, representing a 124.77% year-on-year increase compared to N347.87 billion recorded in 2023.
Profit after tax also saw significant growth, rising by 115.12% to N663.490 billion, while Gross Earnings surged by 105.71% year-on-year, hitting N3.212 trillion.
According to the financial statements, the group has 35.90 billion shares outstanding.
Notably, Femi Otedola increased his total (direct and indirect) shareholdings by 108.83%, from 2.03 billion shares in 2023 to 4.23 billion shares in 2024, bringing his stake to 11.80% of the company’s total shares.
The Board of Directors has recommended a dividend of 60 kobo per ordinary share of 50 kobo each, amounting to N25.13 billion, up from N14.36 billion distributed in 2023
Key highlights (2024 v. 2023):
- Gross earnings: N3.213 trillion; +105.75% YoY
- Interest income: N2.397 trillion; +155.95 YoY
- Interest expense: N996.119 billion; +155.16% YoY
- Net interest income; N1.401 trillion +156.51% YoY
- Impairment charges: N426.294 billion +80.51% YoY
- Net interest income after impairment charges: N975.015 billion +203.42% YoY
- Net fees and commission income: N244.889 billion +30.91% YoY
- Basic EPS: N18.31 +114.65% YoY
- Cash and cash equivalents with banks: N4.415 trillion +71.64% YoY
- Loan and advances to customers: N8.768 trillion +37.88% YoY
- Total Assets: N26.524 trillion +56.60% YoY
- Customers’ deposit: N17.171 trillion +61.03% YoY
- Share capital & premium: N251.340 billion +0.00% YoY
- Retained earnings: N1.116 trillion, +89.54% YoY
- Shareholders’ fund: N2.795 trillion +60.01% YoY
Results Analysis
First Holdco Plc has posted a stellar performance for 2024, with strong earnings growth fueled by robust interest and non-interest income.
Gross earnings surged, thanks largely to a sharp rise in interest income, which remains the backbone of the group’s business, making up 75% of total gross earnings, up from 60% in 2023.
This growth came primarily from loans and advances to customers and financial institutions, which accounted for over 64% of the interest income.
However, there was also a solid boost from investment in securities, which contributed 35% to interest income, up 19% year-on-year.
This reflects both the high-interest rate environment and a significant increase in securities investment, which rose 134% to N6.54 trillion, now making up 25% of the group’s total assets.
Total loans and advances also grew strongly, rising 43.5% year-on-year, and now represent over 45% of the group’s balance sheet.
On the cost side, interest expenses rose too, mostly from deposits by customers and other banks; these accounted for 83% of total interest expenses and 34% of the group’s total interest income.
Loan loss provisions were high, with N341.04 billion set aside specifically for customer loans, contributing to a total impairment charge of N426.29 billion.
Still, the group’s net interest income after impairments came in strong at N975.02 billion, up 203% from last year.
The group’s non-interest income was also a key driver of growth. Fees and commissions rose by 38% to N304.5 billion, driven by:
- Electronic banking fees: N77 billion
- Credit-related fees: Over N46 billion
- Funds transfer/intermediation fees: Over N46 billion
In addition, the group booked N549.99 billion in gains from financial instruments measured at fair value (FVTPL), contributing over 17% to gross earnings and a strong performance on the trading side.
Windfall levy adds to the tax pressure
Tax liabilities shot up due to a windfall tax levy of N33.49 billion, covering three years (2023–2025). This pushed total tax expenses to N132.98 billion, 179% higher than in 2023.
Balance sheet remains deposit-heavy, capital raise still in progress
On the balance sheet, customer and institutional deposits remain the lifeblood of the business, making up over 75% of total assets.
Shareholders’ equity increased, supported by higher retained earnings and a positive currency translation reserve
However, with the share capital and premium at N251.4 billion, the group is still working towards meeting the Central Bank of Nigeria’s new capital requirement ahead of the February 2026 deadline.
To strengthen its capital base, it launched a N149 billion rights issue in November 2024 as part of its compliance strategy.
Stock Performance:
As of April 17, 2025, First Holdco’s share price was N24.60, reflecting a 12.3% year-to-date decline.
