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# First HoldCo Reports N781.9 Billion Pre-Tax Profit for FY2024 as Gross Earnings Top N3.2 Trillion
- URL: https://www.theglobalbanker.com/first-holdco-fy2024-pre-tax-profit-781-billion-gross-earnings-3-2-trillion/
- Published: 2025-04-18T11:16:00.000Z
- Updated: 2026-10-02T13:57:07.000Z
- Description: First HoldCo, parent of First Bank of Nigeria, posted FY2024 pre-tax profit of N781.88B — up 124.8% year-on-year — as gross earnings crossed N3.21 trillion.
- Author: TGB Editorial Team
- Tags: Banking News, Africa, #archive

First HoldCo, the parent company of First Bank of Nigeria, reported pre-tax profit of N781.88 billion for the full year 2024, representing a 124.8% increase compared with the prior year. Gross earnings for the year crossed N3.21 trillion.

Profit after tax for the period came in at N663.49 billion, up 115.1% year-on-year, while earnings per share reached N18.31\. The results were released on 18 April 2025, with the growth in earnings driven by elevated interest rates, N549.99 billion of gains on financial instruments at fair value, and an expansion in the bank's asset base.

#### INTEREST INCOME, ASSETS AND DEPOSITS

Interest income for the year rose 156 per cent to N2.40 trillion. Total assets expanded 56.6% to N26.5 trillion. Customer deposits grew 61% to N17.2 trillion.

The currency revaluation gains that have characterised the earnings of many Nigerian banks in this period stem from the Central Bank of Nigeria's decision in 2023 to allow a depreciation of the naira, which converted the naira value of dollar-denominated assets upwards. For First HoldCo, however, the 2024 net foreign exchange gain was just N1.16 billion, after a N334.23 billion foreign exchange loss in 2023, so the swing rather than fresh revaluation gains supported the year-on-year comparison.

#### CAPITAL REQUIREMENTS

First HoldCo, like its peers, must still meet the CBN's revised minimum capital requirements for commercial banks, with the regulator having set a deadline of 31 March 2026 for institutions to comply with the new thresholds. 

Under the CBN directive, only paid-up capital and share premium count towards the new minimum, so affected banks must raise fresh equity through rights issues, private placements or offers for subscription, or pursue mergers and acquisitions.