First Holdco Plc has released its audited financial results for the year ended December 31, 2024, showcasing a landmark performance with a pre-tax profit of N781.88 billion a staggering 124.77% increase from N347.87 billion recorded in 2023.
Profit after tax rose to N663.49 billion, up 115.12% year-on-year, while gross earnings soared to N3.212 trillion, marking a 105.71% increase. This robust performance was fueled by strong interest income and solid non-interest revenue streams.
The group’s interest income jumped 155.95% to N2.397 trillion, making up 75% of the group’s gross earnings, up from 60% in 2023. This growth came primarily from loans and advances, which contributed over 64% of interest income, while investment in securities added 35%, rising 134% to N6.54 trillion.
Interest expenses also surged by 155.16% to N996.12 billion, mostly from customer and interbank deposits. Still, net interest income climbed to N1.401 trillion a 156.51% increase. After accounting for impairment charges of N426.29 billion, net interest income stood strong at N975.02 billion, up 203.42% year-on-year.
Non-Interest Income Also Drives Earnings
Fees and commissions contributed significantly, rising 30.91% to N244.89 billion, led by:
- Electronic banking fees: N77 billion
- Credit-related fees: Over N46 billion
- Funds transfer/intermediation fees: Over N46 billion
In addition, the group earned N549.99 billion from financial instruments measured at fair value (FVTPL), which accounted for over 17% of gross earnings, reflecting a strong trading desk performance.
Windfall Levy Increases Tax Expense
The group’s tax liabilities rose sharply due to a windfall levy of N33.49 billion, covering the period 2023–2025. This pushed the total tax expense to N132.98 billion, representing a 179% year-on-year increase.
First Holdco’s total assets stood at N26.524 trillion, up 56.60%, while customer deposits climbed 61.03% to N17.171 trillion, reflecting the bank’s continued dominance in deposit mobilization.
Shareholders’ funds rose 60.01% to N2.795 trillion, with retained earnings at N1.116 trillion, up 89.54%. However, share capital and premium remained unchanged at N251.34 billion, as the bank works to meet the Central Bank of Nigeria’s new capital requirement deadline in February 2026.
To meet this target, the group launched a N149 billion rights issue in November 2024, aimed at strengthening its capital base.
Otedola Deepens Stake in First Holdco
Notably, billionaire investor Femi Otedola increased his shareholding by 108.83%, rising from 2.03 billion shares in 2023 to 4.23 billion shares in 2024. His new holding represents 11.80% of the group’s total outstanding shares a clear show of confidence in the group’s long-term potential.
Dividend and Share Performance
The Board of Directors has proposed a dividend of 60 kobo per share, totaling N25.13 billion, up from N14.36 billion in 2023.
However, First Holdco’s stock has seen a 12.3% year-to-date decline, trading at N24.60 as of April 17, 2025. This dip comes despite the group’s impressive financial results, pointing to broader market dynamics or investor wait-and-see sentiment regarding the capital raise.
First Holdco Plc’s 2024 performance marks a significant leap in profitability and balance sheet strength, even as the group eyes further capital optimization. As Femi Otedola continues to raise his stake and dividends grow, investor interest may likely rebound ahead of H1 2025.
