First Holdco Plc closed 2024 on a triumphant note, posting a pre-tax profit of N781.88 billion, more than double the figure recorded the previous year, as strong growth in interest and non-interest income pushed gross earnings to N3.213 trillion.
The group’s audited financial results for the year ended December 31, 2024, show an after-tax profit of N663.49 billion, up 115.12% year-on-year, with the Board recommending a final dividend of 60 kobo per share—bringing the total payout to N25.13 billion, a jump from N14.36 billion in 2023.
Backed by an aggressive loan book expansion and significant investment in securities, First Holdco delivered one of the strongest performances among Nigerian financial institutions, with return on equity and earnings per share also rising sharply.
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Otedola Tightens Grip
One of the year’s major developments was billionaire investor Femi Otedola’s move to double down on his stake in the bank. Otedola now controls 4.23 billion shares—up 108.83% from 2.03 billion in 2023—giving him 11.8% of the group’s outstanding 35.9 billion shares.
This deepened ownership positions him as the largest single shareholder, fueling market speculation over his long-term strategy.
Interest Income Drives the Numbers
The lifeblood of First Holdco’s 2024 financial story was interest income, which soared 156% to N2.397 trillion, accounting for about 75% of total gross earnings, up from 60% in 2023.
Much of this growth stemmed from a rise in loans and advances to customers and financial institutions, which contributed over 64% of the interest income. A significant part of the remaining interest came from investments in securities, which jumped 134% year-on-year to N6.54 trillion, now representing a quarter of the group’s total assets.
Loan book growth was also impressive. Loans and advances to customers rose 43.5%, reaching N8.768 trillion, accounting for 45% of the group’s balance sheet.
But this growth came at a cost: interest expenses nearly doubled to N996.12 billion, driven mainly by the cost of deposits. Customer and institutional deposits surged 61.03% to N17.171 trillion, making up over 75% of the group’s total assets.
Despite impairment charges of N426.29 billion, of which N341 billion was provisioned for customer loans, net interest income after impairments still rose a staggering 203.4% to N975.02 billion.
Trading and Commissions Fuel Growth
Non-interest income held its weight in the performance story. Net fees and commissions rose 31% to N244.89 billion, with electronic banking, credit-related, and transfer fees each contributing over N46 billion.
On the trading side, First Holdco raked in N549.99 billion in gains from financial instruments measured at fair value (FVTPL), contributing 17% to gross earnings.
Windfall Levy Hits Tax Line Amid Recapitalization Push
Not all was rosy, though. Tax expenses nearly tripled to N132.98 billion, largely due to a N33.49 billion windfall levy spanning 2023 to 2025. The impact of this special tax, while heavy, did little to dent the group’s profit trajectory.
The Central Bank of Nigeria’s recapitalization directive is still in play, but First Holdco has already begun shoring up its buffers. It launched a N149 billion rights issue in November 2024, part of efforts to meet the February 2026 deadline for new minimum capital thresholds.
Despite strong earnings and retained profits, now at N1.116 trillion, up 89.54%—the group’s share capital and premium remain unchanged at N251.34 billion, underscoring the urgency of its ongoing capital raise campaign.
On the Nigerian Exchange, the company’s stock closed at N24.60 as of April 17, 2025—a 12.3% decline year-to-date, despite the stellar numbers. Market analysts point to profit-taking and macroeconomic headwinds as reasons for the muted investor response.
Still, with total assets up 56.6% to N26.524 trillion, shareholders’ equity up 60% to N2.795 trillion, and cash and bank balances crossing N4.4 trillion, the group’s fundamentals remain solid.
What lies ahead? Analysts believe the group’s ability to sustain asset quality amid rapid loan growth and high-interest costs will be crucial in sustaining its revenue momentum. Meanwhile, all eyes will focus on how quickly it wraps up its capital raise—and whether Otedola plans another surprise move in 2025.