First Bank Holdings Plc (First HoldCo), one of Nigeria’s leading financial services conglomerates, has announced a profit after tax of N450.9 billion for the first nine months of 2025, representing a significant surge from the N202.3 billion posted during the same period last year. The company’s latest financial report underscores its strengthened balance sheet, diversified income streams, and sustained focus on operational efficiency across its banking, insurance, and asset management businesses.
The group’s financial performance, released to investors through the Nigerian Exchange (NGX), revealed that the impressive growth was largely driven by robust earnings from its flagship subsidiary, FirstBank of Nigeria Limited, and other key business arms such as FBNQuest, FBN Insurance, and FBN Pensions. The result places First HoldCo among the top-performing financial groups in Nigeria’s capital market for 2025, amid a volatile macroeconomic environment marked by fluctuating exchange rates, inflationary pressures, and monetary policy adjustments.
According to the group’s unaudited financial statements, gross earnings rose by 56 percent to N2.83 trillion from N1.81 trillion recorded in the corresponding period of 2024. Net interest income also grew by 42 percent to N780.6 billion, reflecting increased interest income from loans, advances, and investment securities, as well as prudent cost-of-funds management. The group’s non-interest income, which includes fees, commissions, and trading gains, surged to N920.4 billion, boosted by growth in e-banking transactions and strong performance in the treasury and investment units.
Group Managing Director of First HoldCo, Dr. Adesola Adeduntan, attributed the strong results to the group’s disciplined approach to risk management, innovation, and digital transformation. He noted that the institution’s focus on diversifying revenue sources, strengthening subsidiaries, and driving operational excellence continues to yield results despite economic headwinds.
“Our performance for the period reflects the resilience of our operating model and the successful execution of our long-term strategic priorities. We have continued to grow our balance sheet responsibly, enhance customer experience through technology, and optimise capital allocation across our subsidiaries,” Adeduntan stated.
He added that FirstBank’s aggressive digital expansion and adoption of technology-driven products have improved service delivery, reduced operational costs, and attracted millions of new customers into the bank’s ecosystem. The group’s digital channels, including the FirstMobile app, FirstOnline, and agency banking network, now account for over 85 percent of transaction volumes, positioning First HoldCo as one of the most digitised banking groups in the country.
The report further showed that the group’s total assets grew by 38 percent to N22.9 trillion from N16.6 trillion in December 2024, reflecting strong growth in customer deposits, which rose to N15.4 trillion. Loans and advances to customers also increased to N8.7 trillion, driven by strategic lending to productive sectors such as manufacturing, agriculture, energy, and infrastructure.
Adeduntan highlighted that the group’s focus on financial inclusion continues to drive expansion, particularly in rural and semi-urban areas. “Through our agency banking network and digital channels, we are deepening access to financial services, empowering micro, small and medium enterprises, and contributing to national economic growth,” he said.
On the group’s insurance and asset management arms, the Chief Financial Officer, Mr. Patrick Iyamabo, noted that FBN Insurance Holdings delivered a strong performance with double-digit growth in gross written premiums and investment income. He said the unit’s expansion into new retail segments and its innovative life and non-life products continue to attract a growing customer base.
“The insurance and pensions businesses have become significant contributors to the group’s non-interest income. Our asset management business, FBNQuest, also recorded impressive performance in fund management and capital market operations,” Iyamabo said.
The group’s cost-to-income ratio improved to 53 percent from 59 percent in the same period of 2024, reflecting tighter expense control and efficiency initiatives. Profit before tax rose to N523.6 billion, while shareholders’ funds grew to N1.9 trillion.
Industry analysts have commended First HoldCo’s performance, noting that its diversified business model provides stability amid macroeconomic challenges. A financial analyst, Mrs. Titi Ogundipe, observed that the group’s focus on risk management, digital transformation, and capital optimisation has positioned it strongly for sustained profitability. “First HoldCo’s ability to post record profits in such a challenging environment reflects strong leadership, prudent management, and the resilience of its diversified portfolio,” she said.
She added that the company’s improved earnings quality and enhanced capital adequacy ratio have also strengthened investor confidence, with First HoldCo’s share price appreciating by more than 35 percent on the NGX since January.
Adeduntan assured shareholders that the group remains focused on delivering long-term value while supporting Nigeria’s broader economic development. “Our goal remains to drive sustainable growth through innovation, responsible lending, and continuous investment in our people and communities. We are optimistic about maintaining this growth trajectory through the final quarter of the year,” he said.
He also reaffirmed the group’s commitment to environmental, social, and governance (ESG) principles, highlighting ongoing efforts to promote sustainable financing, renewable energy projects, and financial literacy initiatives. “We are integrating ESG considerations across all our businesses to ensure responsible growth that benefits all stakeholders,” Adeduntan concluded.
With its consistent growth trajectory, First HoldCo is expected to maintain its leadership position in the Nigerian financial services sector. Analysts predict that the group’s strong fundamentals, expanding customer base, and digital innovation will sustain profitability into 2026, even as the Central Bank’s tightening policies and inflation continue to shape the financial landscape.
As the group prepares to close the financial year, stakeholders say its performance underscores the resilience of Nigeria’s banking sector and the growing impact of holding company structures in strengthening governance and business diversification within the financial industry.
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