First HoldCo's Profit Plunges 93% to N45bn in 2025 Financial Year

First HoldCo, a Nigerian financial services group, reported a 93.4% decrease in full-year profit to N44.98 billion for the 2025 financial year, down from N677.01 billion in 2024. The group's chairman, Femi Otedola, defended the company's decision to charge N748 billion to clear legacy bad loans, aligning with the Central Bank of Nigeria's directive to address non-performing loans transparently.

Despite a 36.3% increase in net interest income to N1.91 trillion, the company faced a 75.4% surge in credit risk provisions and impairments, leading to a sharp decline in profits. Operating expenses rose significantly, resulting in a 71.3% decrease in operating profit to N228.37 billion.

The group recorded a loss of N7.77 billion from discontinued operations, further impacting its overall performance. Total assets increased by 2.0% to N27.07 trillion, while customer deposits rose by 10.0% to N18.90 trillion, indicating continued balance sheet expansion.