FBN Holdings Plc (FirstHoldco) has achieved gross earnings of N2.63 trillion in its nine-month operations, compared to the N2.3 trillion tally for the corresponding period in 2024.
 
Its unaudited results for the nine months ended September 30, 2025, showed a 17.1 per cent rise in gross earnings to N2.63 trillion, higher than the N2.3 trillion of 2024.
 
However, profit before tax was down by 7.3 per cent to N566.5 billion from  N610.9 billion in 2024, while profit after tax also stood at N450.9 billion from N533.9 billion in 2024, representing a 15.5 per cent decline.
 
The bank’s customer deposits were up 4.2 per cent to N17.9 trillion from N17.2 trillion in the previous year. Also, customer loans and advances (Net) rose by 9.0 per cent to N9.6 trillion from N8.8 trillion in 2024.
 
Group Managing Director, Adebowale (Wale) Oyedeji, stated that the company once again demonstrated solid earnings capabilities, posting a strong financial performance over the period.
 
“Interest income and operating income grew by 40.4 per cent and 23.2 per cent year-on-year, respectively, while gross fees and commission income rose by 26.9 per cent. As a result, gross earnings reached N2.6 trillion, representing a 17.1 per cent year-on-year increase,” he said.

The GMD explained that the decline in profit before tax was due to normalisation of fair value gains and measures taken to strengthen the balance sheet for long-term sustainability.
 
Oyedeji noted that strategic risk management initiatives were already producing positive results, reflected in the improvement of the non-performing loan ratio to 8.5 per cent. 
 
He confirmed that the Group remains on track to exit the forbearance regime by the end of the year.

Regarding the recapitalisation of FirstBank, he disclosed that the first phase of private placement capital had been successfully executed and, pending final regulatory approvals, is expected to be concluded this month. 
 
This, the GMD said, would ensure FirstBank’s full compliance with the minimum capital requirements before the end of 2025. 
 
Proceeds from subsequent capital-raising rounds would be directed towards enhancing and expanding innovative financial solutions while exploring value-accretive opportunities.
 
Oyedeji affirmed that FirstHoldCo’s underlying metrics highlight its fundamental strength, resilience, and operational scalability, positioning the Group to not only achieve its 2029 financial targets but also deliver significantly enhanced shareholder returns.