FirstHoldCo profits slide, execs tout resilience

First HoldCo reported gross revenues totaling 2.6 trillion naira during the period ending in September, according to unaudited financial statements released over the weekend. The holding company achieved 17.1 percent growth compared with 2.25 trillion naira posted during the matching timeframe one year earlier. Operating costs jumped 39.3 percent to reach 942.7 billion naira while earnings before taxes declined 7.3 percent to land at 566.5 billion naira.

Group Managing Director Adebowale Oyedeji said interest revenues and operating income expanded by 40.4 percent and 23.2 percent, respectively. He attributed the drop in pretax earnings to normalized fair value adjustments and actions taken to fortify the balance sheet for sustained operations. The company improved its ratio of problem loans to 8.5 percent and expects to exit regulatory forbearance before year end.

Customer deposits advanced 4.2 percent to 17.9 trillion naira while net lending grew 9 percent to 9.6 trillion naira. Total holdings slipped 0.5 percent to 26.4 trillion naira. FirstBank completed initial private placement fundraising with final approvals expected during November 2025 to meet minimum capital thresholds. Oyedeji said fundamental indicators demonstrate operational strength and position the group to surpass 2029 financial objectives while boosting investor returns.