FBN Holdings Plc (FirstHoldco) has reported a profit before tax of N566.537 billion for the nine months ended 30 September 2025, reflecting a 7.26% decline from the N610.86 billion posted in the same period last year.
However, the Group’s core performance remained strong, with net interest income after impairments jumping 72.48% year-on-year to N1.21 trillion, driven by a significant expansion in interest income amid a high-interest-rate environment.
Moreover, for the third quarter alone, the Group recorded a pre-tax profit of N210.388 billion, an increase of 5.79% from N198.871 billion in Q3 2024.
Interest income rose sharply by 40.4% YoY to N2.29 trillion (9M 2025) from N1.63 trillion (9M 2024), driven by higher yields on interest-earning assets and growth in volumes. Specifically:
Interest expenses, however, remained relatively contained at N791.8 billion, rising just 4.3% despite growth in deposits.
This implies better cost of funds management and repricing of liabilities, resulting in net interest income rising by 71.67% YoY to N1.5 trillion.
Impairment charges surged 68.5% YoY to N288.92 billion, reflecting more cautious provisioning amid credit risk concerns and potential asset quality pressures.
On the non-interest income side, net fee and commission income rose 26.86% YoY to N260.477 billion, supported by:
The Group also recorded N71.94 billion in FX gains, reversing a loss of N226.73 billion in 9M 2024.
On the balance sheet, total assets stood at N26.40 trillion, up 7.84% YTD, supported by loan growth and expansion in cash reserves and investment securities.
On the liabilities side, customer deposits increased to N17.89 trillion, while borrowings rose to N1.74 trillion from N1.56 trillion. This shows that the balance sheet was driven by customer deposits.
Shareholders’ funds improved 16.55% to N3.26 trillion, driven by retained earnings and capital injection of N146.7 billion during the year.
On the day of the result announcement, Thursday, October 30, 2025, FirstHoldco closed at N31.70 per share, representing a 0.6% gain from its previous close of N31.50.
Since the start of the year, the stock has advanced from N28.05 to N31.70, delivering a 13% year-to-date return.