Suggestions




·

N625bn Interest Income Fails To Save First HoldCo From 17% Decline In Profit

May 12, 2025
by

First HoldCo has released its financial statements for the first quarter (Q1) of 2025, disclosing that the company grew its interest income by 40.15 percent year-on-year from N446.14 billion to N625.28 billion.

The company’s interest income grew faster than interest expense, which recorded an 18.60 percent uptick, rising from N219.29 billion in Q1 2025 to N260.08 billion in Q1 2024.

Join our WhatsApp Channel

According to the lender, the difference between revenues generated by interest-bearing assets (interest income) and the cost of servicing liabilities (interest expenses) increased by 60.98 percent after recording N365.19 billion net interest income during the reviewed period, exceeding the N226.84 billion reported in Q1 last year.

Also, First HoldCo exited the N98.59 billion foreign exchange loss suffered last year Q1 with a N80.48 billion foreign exchange gain during the first quarter of this year.

However, the robust top line was dampened by a 98.86 percent decline in the bank’s net gains on the sale of investment securities, as it fell from N12.03 billion in Q1 2024 to N136 million in the same period this year.

The company’s financials in Q1 2025 were further impacted by a N47.91 billion net loss from financial instruments at fair value through profit and loss (FVTPL), compared to the N288.82 billion gain in Q1 2024.

Consequently, the profit before tax (PBT) fell by 20.36 percent year-on-year, from N234.16 billion to N186.47 billion, with a 37.15 percent decline in income tax expense limiting the impact on First HoldCo’s bottom line.

The lender filed N19.08 billion as income tax for the first quarter of 2025, against the N30.36 billion paid in the corresponding period last year.

As a result, First HoldCo reported a N171.09 billion profit after tax (PAT) in Q1 this year, which is 17.78 percent lower than the N208.11 billion net income reached in the same period in 2024.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline)
Email: publisher@primebusiness.africa and editor@primebusiness.africa

+ posts

Prime Business Africa

Related Posts

Previous Story

Seven Candidates Set For Battle As South Korea Kicks Off Presidential Campaign Monday

Next Story

Dangote Refinery Further Reduces Petrol Ex-depot Price To N825 Per Litre Amid Intense Competition

Featured Stories

Related Posts

Latest from Business

Soludo Seals Shops for Two Weeks over Monday Sit-at-Home

The Anambra State Government has sealed dozens of shops at two major markets in Idemili North council area after traders failed to open for business on Monday, despite a directive to resume trading. The affected markets are the Building Materials Market in

Black Market, Official Window FX Rates Gap Widens By N100

The gap between the black market and the official window widened to N100.88 kobo on Monday, February 16, from N49.58 kobo on Friday, February 13. In the black market on Monday, the foreign exchange (FX) rate for the United States dollar (USD) increased

BUA Group Signs Strategic Partnership with UAE Firms

BUA Group has signed a strategic Memorandum of Understanding (MoU) with UAE-based AD Ports Group and MAIR Group in Abu Dhabi, in a deal aimed at strengthening industrial development, trade, and logistics between West Africa, the Gulf, and Asia. The agreement follows
Previous Story

Seven Candidates Set For Battle As South Korea Kicks Off Presidential Campaign Monday

Next Story

Dangote Refinery Further Reduces Petrol Ex-depot Price To N825 Per Litre Amid Intense Competition

Don't Miss

Dangote Refinery: Of Hopes, Drools And Jokes

Dangote And The Fairy Tale Of Fuel Refining: Will The Odds Permit?

News of an unexplained fire incident at a portion of

Imo Illegal Refinery: Perpetrators Are Coordinated Criminals – Commissioner

Imo State Commissioner for Information, Declan Emelumba has said owners