At the conclusion of the second quarter (Q2) 2025, First HoldCo reported a profit before tax (PBT) of N169.6 billion.
The amount is N8.15 billion less than the N177.8 billion PBT recorded during the same time in 2024, according to First HoldCo’s unaudited financial statement for the period ending June 30, 2025.
The bank reported that its half-year (H1) PBT results were N356.1 billion, which was less than the N411.9 billion it had in 2024.
Additionally, the holding business reported a Q2 2025 profit of N118.7 billion, down from N157.2 billion in the same time of 2024.
According to the statement, the group’s interest income increased from N501.5 billion in Q2 2024 to N812.1 billion in Q2 2025, a 61.9 percent increase.
Due to increased lending activity and investment revenue, First HoldCo’s net interest income was N539.6 billion.
According to the statement, operating profit for the reviewed period was N169.3 billion, which was marginally less than the N177.8 billion reported for the second quarter of 2024.
The report states that First HoldCo’s gross earnings in the second quarter of 2025 were N1.65 trillion, which is an 18% increase over the N1.40 trillion earned in 2024.
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The outcome is “a testament to Mr. Femi Otedola’s transformational changes within the group,” according to First HoldCo.
“As we have seen with Geregu Power Plc and Forte Oil Plc in the past, we see a firm commitment to the timely release of results,” the business stated.
Additionally, a pledge to end the regulatory forbearance. The impairment charge increased by more than 100% from NGN92.9 billion in 2024 to N185 billion in 2025, even though the profit before taxes decreased by N55 billion.
“This is undoubtedly related to the CBN’s forbearance stance. As you may remember, FBNH responded to the CBN’s announcement by stating that it had some of the industry’s challenging assets on file and that it was determined to pay them off and end its forbearance.
First HoldCo added that “it would continue to meet the dividend expectations of its shareholders during this period and has a fully diversified portfolio.”
