Prime Business Africa
Between January and September 2025, First HoldCo generated N2.29 trillion as interest income, which grew by 40.37 percent from the N1.63 trillion recorded in the same period in 2024.
In the company’s financial statement for the period ending September 30, 2025, First HoldCo said it paid N791.8 billion in interest expense in the first nine months of this year, compared to the N759.07 billion incurred in 2024, representing a 4.31 percent increase.
Join our WhatsApp ChannelThis left First HoldCo with N1.5 trillion as net interest income for the period under review, surpassing the N873,93 billion notched up the previous year, indicating a 71.70 percent growth.
The financial statement also showed that fee and commission income increased by 26.85 percent year-on-year, from N205.32 billion to N260,47 billion, while fee and commission expense grew by 37.66 percent, from N33.98 billion to N46.78 billion.
Consequently, First HoldCo closed the period between the first quarter (Q1) and the third quarter (Q3) of 2025 with N213.69 billion as net fee and commission income, representing a 24.71 percent growth when compared to the N171,34 billion posted last year.
The lender’s balance sheet was boosted by a N71.94 billion foreign exchange gain, recovering from the N226.78 billion foreign exchange loss recorded in the first nine months of 2024.
However, despite the rebound in foreign exchange gain, First HoldCo recorded a 7.25 percent decline in its profit before tax (PBT), which decreased to N566,53 billion between Q1 and Q3 of this year, below the N610,86 billion reached in 2024.
The pretax profit was reduced by a N108.46 billion income tax expense, which increased by 28.23 percent when compared to the N84.58 billion paid as taxes in 2024.
Following the tax deduction, First HoldCo closed the first nine months with N458,07 billion profit after tax (PAT), below the N526.27 billion reported in the year before, indicating a 12.95 percent decrease.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
