Prime Business AfricaBetween April and June 2025, First HoldCo generated N812.12 billion in interest income, surpassing the N501.54 billion recorded in the second quarter (Q2) of 2024, representing an increase of 61.92 percent.
The growth in turnover overshadowed the 27.65 percent increase recorded in interest income, which rose from N213.46 billion in Q2 last year to N272.49 billion during the same period in 2025.
Join our WhatsApp ChannelThis led to net interest income rising by 87.31 percent year-on-year, from N288.08 billion to N539.63 billion, according to the company’s unaudited consolidated and separate financial statements for the period ended June 30, 2025.
First HoldCo also reported that fee and commission income increased to N90.85 billion in the second quarter of 2025, compared to the N67.92 billion recorded between April and June 2024, indicating an increase of 33.75 percent.
However, this was eclipsed by the 72.26 percent year-on-year growth in the company’s fee and commission expense, which grew from N9.43 billion to N16.26 billion.
Nevertheless, First HoldCo reported a 27.53 percent increase in net fee and commission income, which grew to N74.59 billion in Q2 2025, from N58.48 billion in Q2 2024.
Also, the company managed to reduce its foreign exchange loss to N6.93 billion during the period under review, compared to the N66.45 billion FX loss recorded in the second quarter last year, reflecting a decrease of 89.55 percent.
This was offset by the N7.31 billion net gains on the sale of investment securities recorded by the company in Q2 2025, compared to the N207 million loss registered in the same period in 2025.
However, a N5.75 billion net loss from financial instruments at FVTPL affected the company’s bottom line in the second quarter of this year, having reported N143.37 billion net gain in the corresponding period the year before.
Consequently, First HoldCo failed to replicate the N177.79 billion operating profit recorded in Q2 2024, as it fell to N169.28 billion in Q2 2025, representing a decrease of 4.78 percent.
The lender’s profit before tax (PBT) dropped by 4.58 percent to N169.67 billion during the review period, falling below the N177.82 billion reported in the second quarter of last year.
Also, First HoldCo saw a year-on-year growth of 149.53 percent in income tax expense, after it rose from N21.35 billion to N53.29 billion.
This led to First HoldCo’s profit after tax (PAT) decreasing by 25.62 percent to N116.37 billion in Q2 2025, as it failed to surpass the N156.46 billion reported in Q2 2024.
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