First HoldCo Income Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	3,073,316	2,994,145	2,397,428	936,682	551,937	369,047
Interest Income on Investments	14,326	13,597	10,657	5,742	3,166	6,520
Total Interest Income	3,087,642	3,007,742	2,408,085	942,424	555,103	375,567
Interest Paid on Deposits	1,082,814	1,077,206	996,119	390,394	188,688	140,805
Net Interest Income	2,004,828	1,930,536	1,411,966	552,030	366,415	234,762
Net Interest Income Growth (YoY)	29.34%	36.73%	155.78%	50.66%	56.08%	-8.15%
Gain (Loss) on Sale of Assets	782	170	-194	7	1,249	-79
Gain (Loss) on Sale of Investments	95,098	48,666	-47,062	74,166	18,991	60,260
Other Non-Interest Income	382,415	315,002	791,676	511,100	213,636	297,870
Total Non-Interest Income	478,295	363,838	744,420	585,273	233,876	358,051
Non-Interest Income Growth (YoY)	-18.75%	-51.13%	27.19%	150.25%	-34.68%	96.78%
Revenues Before Loan Losses	2,483,123	2,294,374	2,156,386	1,137,303	600,291	592,813
Provision for Loan Losses	829,404	826,303	426,294	224,948	68,619	91,711
Revenue	1,653,719	1,468,071	1,730,092	912,355	531,672	501,102
Revenue Growth (YoY)	-3.69%	-15.14%	89.63%	71.60%	6.10%	33.37%
Salaries and Employee Benefits	364,793	343,086	308,472	175,901	117,376	128,772
Occupancy Expenses	62,885	58,609	44,384	29,053	20,982	20,022
Amortization of Goodwill & Intangibles	15,959	15,959	17,598	13,825	7,068	8,258
Selling, General & Administrative	238,709	225,797	100,191	103,065	55,094	45,768
Other Non-Interest Expense	603,780	590,365	463,515	235,183	173,425	131,362
Total Non-Interest Expense	1,284,091	1,233,079	933,625	556,207	373,770	334,440
EBT Excluding Unusual Items	369,628	234,992	796,467	356,148	157,902	166,662
Pretax Income	369,628	234,992	796,467	356,148	157,902	166,662
Income Tax Expense	121,914	87,738	132,977	47,715	21,591	15,515
Earnings From Continuing Operations	247,714	147,254	663,490	308,433	136,311	151,147
Earnings From Discontinued Operations	-11,532	-7,771	13,515	1,937	-138	-68
Minority Interest in Earnings	-6,355	-6,799	-6,206	-2,167	-1,770	-1,370
Net Income	229,827	132,684	670,799	308,203	134,403	149,709
Net Income to Common	229,827	132,684	670,799	308,203	134,403	149,709
Net Income Growth	-63.72%	-80.22%	117.65%	129.31%	-10.22%	70.15%
Basic Shares Outstanding	44,025	41,885	36,093	35,895	35,895	35,895
Diluted Shares Outstanding	44,025	41,885	36,093	35,895	35,895	35,895
Shares Change (YoY)	21.98%	16.05%	0.55%	-	-	-
EPS (Basic)	5.22	3.17	18.59	8.59	3.74	4.17
EPS (Diluted)	5.22	3.17	18.59	8.59	3.74	4.17
EPS Growth	-70.25%	-82.95%	116.45%	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	32.98%	37.34%	16.70%	13.40%	13.67%	9.31%

Source: S&P Global Market Intelligence. Banks template. Financial Sources.