FBN Holdings Plc has demonstrated robust underlying operational strength, with gross earnings surging 17.1% to ₦2.63 trillion, even as its latest unaudited results reveal a strategic period of balance sheet fortification that impacted short-term profits.
The group, parent to FirstBank of Nigeria, showcased a powerful core revenue engine. Interest income grew by a remarkable 40.4% to ₦2.29 trillion, while fee and commission income also saw significant growth. In a notable turnaround, the group recorded a net foreign exchange gain of ₦71.9 billion, a stark reversal from the substantial loss of ₦226.7 billion in the previous year.
The reported dip in profit before tax to ₦566.5 billion is framed by management not as a weakness, but as the result of deliberate strategic choices. Group Managing Director Adebowale Oyedeji attributed it directly to the “normalisation of fair value gains and deliberate measures to strengthen the balance sheet.”
These measures included a sharp increase in impairment charges for credit losses to ₦288.9 billion, reflecting a prudent and cautious stance on loan quality in a challenging economic climate. This proactive risk management is already yielding results, with the non-performing loan ratio improving to 8.5%.
Crucially, the group’s long-term growth trajectory remains firmly on track. Oyedeji confirmed that the critical recapitalisation of FirstBank is progressing well, with the first phase of its private placement successfully executed and set to conclude by November 2025. The capital raised is earmarked to enhance innovative financial solutions and explore value-accretive opportunities.
Positioning the results as a necessary phase in a longer journey, Oyedeji reaffirmed that FBN Holdings remains committed to achieving its 2029 financial targets, underpinned by what he described as the group’s “fundamental strength, resilience, and scalability.” The narrative is one of a institution consciously building a more robust foundation for future expansion.
