First Holdco Plc has published its financial results for the second quarter ended June 30, 2025, reporting a pretax profit of N169.6 billion.
While this reflects a modest 4.58% decline compared to the same quarter last year, it remains a solid performance, bringing the group’s half-year pretax profit to N356.1 billion.
The result was driven by a sharp rise in interest income, which surged 61.92% to N812.1 billion in Q2, up from N501.5 billion a year earlier, bringing half-year interest income to N1.4 trillion.
- For the first half, the bulk of interest income came from loans and advances, contributing N910.3 billion, followed by investment securities at N445.7 billion, and loans to banks at N81.2 billion.
In the second quarter, interest expenses rose 27.65% to N272.4 billion.
- However, net interest income still climbed to N539.6 billion, up 87.32% year-on-year.
- After accounting for impairments, net interest income stood at N391.4 billion, a 65.16% increase.
The group also earned more from fees and commissions, with net fee and commission income rising to N74.5 billion, compared to N58.4 billion in Q2 2024.
One of the standout improvements came from a sharp reduction in foreign exchange losses, which fell from N66.4 billion to just N6.9 billion.
However, this was partly offset by select operational expenses, including personnel expenses of N102.9 billion and other operating expenses totaling N185.5 billion, which put pressure on operating margins.
- As a result, operating profit slipped to N169.2 billion, compared to N177.7 billion in Q2 2024, leading to a 4.58% drop in pretax profit for the quarter.
Despite this, the company’s balance sheet remained firm.
- Total assets rose to N27.1 trillion, up 2.54%, while retained earnings grew to N1.3 trillion, reflecting a 23.17% increase.
Key Highlights (Q2 2025 vs Q2 2024)
- Interest Income: N812.1 billion (+61.92% YoY)
- Net Interest Income: N539.6 billion (+87.32% YoY)
- Net Interest Income After Impairment: N391.4 billion (+65.16% YoY)
- Net Fee and Commission Income: N74.5 billion (+27.54% YoY)
- Operating Profit: N169.2 billion (–4.79% YoY)
- Pretax Profit: N169.6 billion (–4.58% YoY)
- Total Assets: N27.1 trillion (+2.54% YoY)
First HoldCo also became the first commercial bank to release its 2025 second-quarter results. This is the first time in the bank’s recent history that it has been the first to release Q2 results. Nairametrics understands the bank’s Chairman, Femi Otedola, is expected to continue to lead as an early flier with results.
Geregu Power Plc, also linked to Otedola, where he serves as Chairman, is similarly known for publishing its results earlier than most.
As of the market close on July 30, 2025, shares of the company were priced at N34.90, reflecting a year-to-date gain of 24%.
