Key Points
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First HoldCo reports $1.7 billion in nine-month gross earnings.
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Profit drops slightly due to higher impairment and depreciation.
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Otedola’s reforms drive asset growth and investor confidence.
The performance highlights the gains made under Otedola’s ongoing push for reform and cost discipline across the financial group.
Earnings rise despite higher costs
The company’s unaudited report showed that gross earnings climbed from N1.84 trillion ($1.27 billion) in the same period of 2024 to N2.55 trillion ($1.76 billion) this year.
Growth in both interest and non-interest income helped offset a more challenging operating environment.
Interest income rose to N2.29 trillion ($1.58 billion) from N1.63 trillion ($1.13 billion) a year earlier.
Fee and commission income also increased to N260.5 billion ($180.3 million) from N205.3 billion ($142.1 million).
However, profit for the period dipped to N450.9 billion ($312.6 million), down from N533.87 billion ($370 million) last year, due to higher impairment charges and depreciation costs.
Otedola’s reforms reshape bank culture
Otedola, who became chairman of First HoldCo in January 2024, has steered the group toward greater accountability and cost efficiency.
His early reforms included cutting executive travel expenses, introducing tighter oversight, and enforcing stronger governance standards across subsidiaries.
The changes followed years of leadership instability and risky lending practices that had eroded investor trust in First Bank of Nigeria, the group’s flagship subsidiary.
Otedola’s approach, focused on long-term stability rather than quick profits, has begun to reflect in the group’s improving fundamentals.
Stronger assets and investor confidence
Total assets rose to N26.37 trillion ($18.4 billion) by the end of September 2025, compared with N25.99 trillion ($18.1 billion) at the close of 2024.
Total equity also climbed to N3.25 trillion ($2.26 billion) from N2.79 trillion ($1.94 billion), while retained earnings increased to N1.53 trillion ($1.06 billion).
Market analysts view these gains as evidence that Otedola’s restructuring strategy is taking hold. With stronger earnings, tighter financial control, and a renewed focus on transparency, First HoldCo is rebuilding investor and depositor confidence.
