FBN Holdings Plc (FirstHoldco) has reported a profit before tax of N566.537 billion for the nine months ended 30 September 2025, reflecting a 7.26% decline from the N610.86 billion posted in the same period last year.
However, the Group’s core performance remained strong, with net interest income after impairments jumping 72.48% year-on-year to N1.21 trillion, driven by a significant expansion in interest income amid a high-interest-rate environment.
Moreover, for the third quarter alone, the Group recorded a pre-tax profit of N210.388 billion, an increase of 5.79% from N198.871 billion in Q3 2024.
Key highlights (9M 2025 vs. 9M 2024)
- Interest Income: N2.29 trillion (Up 40.4% YoY)
- Interest Expenses: N791.8 billion (Up 4.3% YoY)
- Net Interest Income: N1.50 trillion (Up 71.67% YoY)
- Impairment Charge: N288.9 billion (Up 68.5% YoY)
- Net Interest Income After Impairment: N1.21 trillion (Up 72.48% YoY)
- Net fees and commission: N213.7 billion (Up 24.7% YoY)
- Post-Tax Profit: N450.87 billion (Down 15.57% YoY)
- Total Assets: N26.40 trillion (Up 7.84% YoY)
- Customer Deposits: N17.89 trillion (Up 4.17%)
- Customer Loans & Advances: N9.56 trillion (Up 8.99%)
- Shareholders’ Funds: N3.26 trillion (Up 16.55%)
Driving the numbers
Interest income rose sharply by 40.4% YoY to N2.29 trillion (9M 2025) from N1.63 trillion (9M 2024), driven by higher yields on interest-earning assets and growth in volumes. Specifically:
- Interest income from loans and advances to customers increased to N1.459 trillion, up 59.45% from N915 billion in the prior year.
- Interest income from investment securities (including treasury bills and bonds) rose to N720.15 billion, up 33.7% from N538.596 billion.
Interest expenses, however, remained relatively contained at N791.8 billion, rising just 4.3% despite growth in deposits.
This implies better cost of funds management and repricing of liabilities, resulting in net interest income rising by 71.67% YoY to N1.5 trillion.
Impairment charges surged 68.5% YoY to N288.92 billion, reflecting more cautious provisioning amid credit risk concerns and potential asset quality pressures.
- Despite this, net interest income after impairments climbed significantly to N1.21 trillion, highlighting strong earnings quality.
On the non-interest income side, net fee and commission income rose 26.86% YoY to N260.477 billion, supported by:
- Electronic banking fees: N68.800 billion
- Letters of credit commissions and fees: N49.173 billion
The Group also recorded N71.94 billion in FX gains, reversing a loss of N226.73 billion in 9M 2024.
Balance sheet
On the balance sheet, total assets stood at N26.40 trillion, up 7.84% YTD, supported by loan growth and expansion in cash reserves and investment securities.
On the liabilities side, customer deposits increased to N17.89 trillion, while borrowings rose to N1.74 trillion from N1.56 trillion. This shows that the balance sheet was driven by customer deposits.
Shareholders’ funds improved 16.55% to N3.26 trillion, driven by retained earnings and capital injection of N146.7 billion during the year.
Market reaction
On the day of the result announcement, Thursday, October 30, 2025, FirstHoldco closed at N31.70 per share, representing a 0.6% gain from its previous close of N31.50.
Since the start of the year, the stock has advanced from N28.05 to N31.70, delivering a 13% year-to-date return.
