Prime Business AfricaFirst 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 ChannelAccording 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
