First HoldCo Plc published its first quarter unaudited financial result for the period ended March 31, 2025, reporting an earnings per share of N4.72, down from N5.76 in furst quarter of 2024.

The decline in earnings was attributed to a 60.0% year on year drop in non-interest income.

Highlights of the results shows  that interest income grew by 40.2% year on year to N625.28 billion, driven by higher interest earned on loans and advances to customers and investment securities.

Net interest income ex-LLE expanded by 77.3% year on year, after accounting for credit impairment charges.

Operating expenses grew by 16.5% year on year, driven by higher personnel expenses, advert and corporate promotions, and regulatory costs.

Looking ahead financial analysts expect First HoldCo to continue leveraging the high yield environment and expansion in interest earning assets to grow its core income, with likely moderation in non-funded income.

Profit before tax declined by 20.4% year on year to N186.48 billion, while profit after tax settled at 17.9% year on year lower.