First HoldCo Reports N826bn Impairment, 78% Profit Drop

First HoldCo Plc released its audited financial results for the year ending December 31, 2025, revealing an impairment charge of N826.3 billion, a 93.8% increase from N426.29 billion in the previous year. The company's profit before tax fell to N220.28 billion, a 72% decline compared to N781.88 billion reported in 2024.

The first quarter of 2026 showed a net impairment charge of N40.35 billion, up from N37.25 billion in Q1 2025. Interest income for the group reached N2.99 trillion, a 24.9% increase from N2.4 trillion in 2024, while interest expenses rose by 8.1% to N996.12 billion.

The group's operational expenses increased to N1.2 trillion, a 32.1% rise from N934.16 billion in 2024, with significant advertising costs of N183.4 billion. The non-performing loan ratio rose to 12% in 2025 from 10.2% the previous year, leading to the decision to declare no dividends for the financial year.