First HoldCo Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Interest Income on Loans	2,963,940	2,397,428	936,682	551,937	369,047
Interest Income on Investments	14,240	10,657	5,742	3,166	6,520
Total Interest Income	2,978,180	2,408,085	942,424	555,103	375,567
Interest Paid on Deposits	1,053,811	996,119	390,394	188,688	140,805
Net Interest Income	1,924,369	1,411,966	552,030	366,415	234,762
Net Interest Income Growth (YoY)	36.29%	155.78%	50.66%	56.08%	-8.15%
Gain (Loss) on Sale of Assets	2,609	-194	7	1,249	-79
Gain (Loss) on Sale of Investments	53,321	-47,062	74,166	18,991	60,260
Other Non-Interest Income	267,766	791,676	511,100	213,636	297,870
Total Non-Interest Income	323,696	744,420	585,273	233,876	358,051
Non-Interest Income Growth (YoY)	-56.52%	27.19%	150.25%	-34.68%	96.78%
Revenues Before Loan Losses	2,248,065	2,156,386	1,137,303	600,291	592,813
Provision for Loan Losses	748,125	426,294	224,948	68,619	91,711
Revenue	1,499,940	1,730,092	912,355	531,672	501,102
Revenue Growth (YoY)	-13.30%	89.63%	71.60%	6.10%	33.37%
Salaries and Employee Benefits	385,913	308,472	175,901	117,376	128,772
Occupancy Expenses	76,295	44,384	29,053	20,982	20,022
Amortization of Goodwill & Intangibles	-	17,598	13,825	7,068	8,258
Selling, General & Administrative	336,945	210,694	103,065	55,094	45,768
Other Non-Interest Expense	472,417	353,012	235,183	173,425	131,362
Total Non-Interest Expense	1,270,843	933,625	556,207	373,770	334,440
EBT Excluding Unusual Items	229,097	796,467	356,148	157,902	166,662
Pretax Income	229,097	796,467	356,148	157,902	166,662
Income Tax Expense	176,344	132,977	47,715	21,591	15,515
Earnings From Continuing Operations	52,753	663,490	308,433	136,311	151,147
Earnings From Discontinued Operations	-7,771	13,515	1,937	-138	-68
Minority Interest in Earnings	-6,938	-6,206	-2,167	-1,770	-1,370
Net Income	38,044	670,799	308,203	134,403	149,709
Net Income to Common	38,044	670,799	308,203	134,403	149,709
Net Income Growth	-94.33%	117.65%	129.31%	-10.22%	70.15%
Basic Shares Outstanding	41,885	35,895	35,895	35,895	35,895
Diluted Shares Outstanding	41,885	35,895	35,895	35,895	35,895
Shares Change (YoY)	16.69%	-	-	-	-
EPS (Basic)	0.91	18.69	8.59	3.74	4.17
EPS (Diluted)	0.91	18.69	8.59	3.74	4.17
EPS Growth	-95.14%	117.65%	129.31%	-10.22%	70.23%
Dividend Per Share	-	0.600	0.400	0.500	0.350
Dividend Growth	-	50.00%	-20.00%	42.86%	-22.22%
Effective Tax Rate	76.97%	16.70%	13.40%	13.67%	9.31%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.