The group’s unaudited financial statement showed that profit before tax also fell by 7.3% to ₦556.5 billion, despite strong growth in core banking income. Net interest income surged 71.7% to ₦1.5 trillion, driven by higher asset yields and lower funding costs.

However, these gains were offset by a 68.6% jump in impairment charges to ₦288.9 billion, which pushed the cost of risk to 3.8%, up from 2.7% a year earlier. Non-interest revenue also plunged 49.2% to ₦296.9 billion, following a ₦72.8 billion fair value loss that erased earlier gains.

Operating expenses rose 39.3%, raising the cost-to-income ratio to 52.4% from 46.4% in the same period of 2024.

Analysts say unless non-interest income rebounds and credit costs ease, First Holdco may face further pressure on profitability in the final quarter of the year.