First Holdco Plc, the holding company for First Bank of Nigeria (FBN) and its former subsidiaries, doubled its top-line to N3.21 trillion in 2024, riding on the back of strong improvement in its core banking operations.
Key extracts of the audited report and accounts of First Holdco for the year ended December 31, 2024 showed that gross earnings rose from N1.56 trillion in 2023 to N3.21 trillion in 2024. Profit before tax doubled from N347.87 billion to N781.88 billion. After taxes, net profit jumped from N310.37 billion to N677 billion. Earnings per share thus increased from N8.59 in 2023 to N18.69 in 2024. Net interest income had risen by 156.51 per cent to N1.40 trillion in 2024.
The balance sheet of the group also expanded considerably with total assets rising by 57 per cent to N26.52 trillion, driven by a strong increase in cash and balances with banks, which grew by 71.64 per cent N4.42 trillion. Shareholders’ fund increased by 60.01 per cent to N2.80 trillion in 2024. Return on Equity (ROE) stood at 24 per cent while Return on Assets (ROA) closed at 3.0 per cent.
The board of the group has recommended distribution of N25.13 billion as cash dividend for the 2024 business year, representing a dividend per share of 60 Kobo. It had paid N14.36 billion for the 2023 business year.