First HoldCo, the parent company of First Bank of Nigeria, reported profit after tax of NGN 171.1 billion for the first quarter of 2025, an 18% decline year-on-year. The headline retreat reflects mainly a swing from a NGN 288.8 billion gain on financial instruments at fair value through profit or loss in Q1 2024 to a NGN 47.9 billion loss, together with higher operating expenses. Earnings per share came in at NGN 4.72 for the quarter.
Net interest income — the revenue generated from the difference between what the bank earns on loans and what it pays on deposits — rose 61% year-on-year to NGN 365.2 billion. Non-interest income, however, fell year-on-year.