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First HoldCo’s Profit Up By 118% As FX Loss Drops To N64.94bn

April 22, 2025
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The gross earnings of First HoldCo increased to N3.21 trillion in 2024, which is 105.70 per cent higher than the N1.56 trillion the company reported the previous year.

According to First HoldCo’s separate and consolidated financial statements for the year ended December 31, 2024, the company also saw a 155.94 percent growth in interest income, after recording N2.39 trillion last year, compared to the N936.68 billion reported in 2023.

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However, the financial institution’s topline was burdened by a 155.15 percent increase in interest expense, which rose from N390.39 billion to N996.11 billion.

But the company still managed to post triple-digit growth on its net interest income, reporting N1.40 trillion in 2024, up from the N546.28 billion recorded in 2023 – indicating a year-to-year increase of 156.51 per cent.

The company’s robust financials also included an 80.56 percent decrease in its foreign exchange (FX) loss for the reviewed period, as it recorded N64.94 billion, against the N334.23 billion posted the year before.

This played a key role in First HoldCo’s profit before tax (PBT) rising by 124.76 per cent, from N347.86 billion in 2023 to N781.88 billion last year.

However, income tax piled pressure on the bottom line, as the former grew by 200.23 percent after First HoldCo was made to pay N33.49 billion as windfall tax, which was imposed on banks by the federal government last year.

In total, the company paid an income tax of N118.39 billion during the reviewed period, which is almost double or N78.96 billion more than the N39.43 billion tax recorded in 2023.

After accounting for income tax, First HoldCo was left with N677 billion net income by the end of 2024, surpassing the N310.37 billion profit after tax (PAT) posted a year before.

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