The after-tax profit of First Holdco, the parent company of Nigeria’s oldest bank, First Bank, rose to the highest in at least 12 years in the fiscal year 2024, according to its latest financial statement.
The group’s after-tax profit rose by 115.1 percent to N663.4 billion from N308.4 billion in 2024. Its interest income, which often accounts for the lion’s share of lenders’ revenues, surged by 155.3 percent to N2.39 trillion, driven mainly by loans and advances to customers at N1.36 trillion, investment securities at fair value of N436 billion, and loans and advances to banks at N183 billion.
First Holdco’s net interest income rose to N1.4 trillion in 2024, a 156.4 percent increase from N546 billion recorded in 2023.