The Group disclosed this in its audited 2025 financial results released on Thursday, showing gross earnings rose from 3.21 trillion in 2024 to 3.44 trillion in 2025.
Interest income climbed significantly by 24.9 per cent to 2.99 trillion, while net interest income surged by 36.8 per cent to 1.92 trillion.
However, profit before tax dropped sharply by 70.5 per cent to 235 billion from 796.5 billion recorded in the previous year, while profit after tax fell by 79.4 per cent to 139.5 billion.
The financial institution attributed the decline largely to a 93.8 per cent rise in impairment charges for losses, which increased to 826.3 billion from 426.3 billion in 2024, alongside elevated operating expenses caused by inflationary and foreign exchange pressures.
Commenting on the performance, Group Managing Director, Wale Oyedeji, described 2025 as a defining year for the company, marked by disciplined execution, resilient core earnings and strategic balance sheet restructuring aimed at sustainable growth.
According to him, the Group undertook comprehensive de-risking measures by making adequate provisions for impaired and non-performing exposures, particularly following changes in the post-forbearance regulatory landscape.
Oyedeji said the move was designed to strengthen transparency, improve asset quality and position the Group for stronger long-term growth and earnings stability.
He also disclosed that the Group had intensified capital-raising efforts to ensure Under its ongoing 350 billion capital raise programme, the company has already secured 128.7 billion and remains on track to strengthen its capital base further.
The report showed that total assets rose by 2.7 per cent to 27.3 trillion, while customer deposits increased by 10 per cent to 18.9 trillion, reflecting continued customer confidence in the Group. Customer loans and advances also grew modestly by 2.3 per cent to 9 trillion.
Despite the challenging operating environment, FirstHoldCo recorded growth in key banking operations, with net fees and commission income increasing by 20.2 per cent to 294.5 billion, supported by stronger digital transaction volumes, transfer fees and trade-related commissions.
The Group’s non-performing loan ratio rose to 12 per cent from 10.2 per cent in 2024, mainly due to increased exposures within the oil and gas sector. However, its NPL coverage ratio improved significantly to 98.7 per cent from 54.8 per cent, indicating stronger provisioning and balance sheet resilience.
FirstHoldCo stated that it would continue focusing on improving earnings quality, strengthening capital and asset quality, enhancing efficiency and expanding its non-banking businesses.