First HoldCo Plc posted its unaudited second quarter result for the period ended June 30, 2025 financial results, showing a 22.3% year-on-year decline in profit after tax to N283.77 billion.
Despite a 51.7% increase in interest income to N1.44 trillion, driven by stronger earnings on loans and advances, the company’s profitability was pressured by a significant contraction in non-core income and higher provisioning charges.
The company’s net interest income rose by 75.7% year-on-year to N904.83 billion, supported by a still-elevated yield environment and modest growth in earning assets.
However, the group’s non-interest income declined significantly by 57.4% year-on-year to N189.55 billion, driven by fair value losses.
Operating expenses increased by 24.0% year-on-year to N552.83 billion, resulting in a deteriorated cost-to-income ratio of 50.5%.
Despite the challenges, analysts expect the company’s core income to remain solid, supported by the current yield environment and modest growth in interest-earning assets.