Slide 1: Recharged: FY 2024 Results Presentation
Click to edit Master text styles RECHARGED FY 2024 Results Presentation April 2025 Click to edit Master text styles
Slide 2: Disclaimer
DISCLAIMER This presentation is based on First HoldCo Plc’s (‘FirstHoldCo’ or the ‘Group’) audited financial statements for the year ended December 31, 2024. The Group’s Financial statements represent First HoldCo Plc and its subsidiaries. FirstHoldCo has obtained some information from sources it be
Slide 3: Outline
OUTLINE 05 Key Highlights 13 Financial Review 24 Digital Banking 28 ESG 30 Subsidiary Highlights 33 Appendix 3
Slide 4: Today's speakers
Today’s speakers Wale Oyedeji Olusegun Alebiosu Ini Ebong Group Managing CEO, DMD, Director FirstBank FirstBank Oyewale Ariyibi Patrick Iyamabo Tolulope Oluwole ED CFO, ED CFO, Head, FirstHoldCo FirstBank Investor Relations 4
Slide 5: Key Highlights
Click to edit Master text styles Key Highlights Click to edit Master text styles
Slide 6: Experienced and seasoned leadership at Board level
Experienced and seasoned leadership at Board level Mr. Olufemi Otedola, CON Mr. Adebowale Oyedeji Dr. Muhammed Alimi Abdul-Razaq Dr. (Sir) Peter Aliogo Group Chairman – FBNHoldings Group Managing Director Independent Non-Executive Independent Non-Executive Director Director Mrs. Kofo Dosekun Dr. Abi
Slide 7: A well diversified financial service conglomerate with an established structure
A well diversified financial service conglomerate with an established structure that supports synergies INVESTMENT BANKING AND COMMERCIAL BANKING OTHERS ASSET MANAGEMENT GROUP First Bank of Nigeria Limited FirstCap Limited First Insurance Brokers Limited • FirstBank UK Limited • FBNQuest Funds Limit
Slide 8: Our global footprint
Our global footprint NIGERIA SIERRA LEONE First Bank of Nigeria Limited FirstBank Sierra Leone Limited Commercial Banking Commercial Banking First Pension Custodian Nig. Limited Pension Fund Custodian First Asset Management Limited SENEGAL Asset Management First Securities Limited FBNBank Senegal Li
Slide 9: Financial and operational highlights
Financial and operational highlights Gross earnings +105.7% y-o-y and PBT +123.6% y-o-y underpinned by stronger business fundamentals Improvement in cost-to-income ratio (down to 43.3% from 49.0%) demonstrates improving efficiencies as income growth ramps up at a faster rate Strong Net Interest Marg
Slide 10: A dominant player in the financial services sector
A dominant player in the financial services sector B- Stable A+ Stable B Stable Empowering Financial An impressive 61% YoY Solid core banking revenues, with Inclusion in Nigeria with a increase in customer deposits 5-year CAGR and YoY growth in net large agent banking network to N17 trillion. intere
Slide 11: FirstHoldCo Capital raise roadmap
FirstHoldCo Capital raise roadmap FirstHoldCo pro forma paid-up capital post-recapitalisation (₦’billion) 748 350 251 147 Current paid-up 1 capital Rights issue proceeds 2 (Net) Additional capital 3 to raise Final paid-up 4 capital Additional capital to raise Use of proceeds > N350 billion FirstBank
Slide 12: Recharged - Driving growth through expansion, innovation, integration, and sustainability
Recharged - Driving growth through expansion, innovation, integration, and sustainability FY 2022 FY 2023 FY 2024 2024 financial targets 2029 financial targets 14.5% 22.5% 29.8% >20% >25% ROAE 61.7% 49.0% 43.3% <58% <50% CIR 4.3% 4.7% 10.2% <5% <5% NPL 1.7% 3.3% 4.7% <2% <2% COR Customer Service Opt
Slide 13: Financial Review
Click to edit Master text styles Financial Review Click to edit Master text styles
Slide 14: FY 2024: A sustained growth trajectory and fortified balance sheet position
FY 2024: A sustained growth trajectory and fortified balance sheet position Gross Earnings (₦’billion) Interest Income (₦’billion) Non-Interest Income (₦’billion) 105.7% 155.9% 27.8% 3,212.6 2,397.4 755.1 591.0 1,561.8 936.7 Earnings FY 23 FY 24 FY 23 FY 24 FY 23 FY 24 Operating Income (₦’billion) O
Slide 15: Upward trend in key metrics reflective of underlying fundamental strength
Upward trend in key metrics reflective of underlying fundamental strength Post Tax ROaE (%) Post Tax ROaA (%) Earnings Yield (%) Net Interest Margin (%) 16.9 9.9 3.1 29.8 22.5 2.2 10.4 6.1 FY 23 FY 24 FY 23 FY 24 FY 23 FY 24 FY 23 FY 24 Cost of Funds (%) Cost to Income (%) Gross Loan to Deposits (%)
Slide 16: Optimised income streams support significant growth and financial resilience
Click to editincome Optimised Masterstreams text styles support significant growth and financial resilience Gross Earnings (₦’billion) Gross Earnings mix +105.7% 3,212.6 17.8% 26.5% 42.1% 48.2% 1,561.8 40.0% 25.4% FY 23 FY 24 FY 23 FY 24 Non-interest income¹ Interest income on loans and advances Int
Slide 17: Resilient growth in non-interest income
Resilient growth in non-interest income underscores earning potential from a diversified portfolio Non-interest Income breakdown net (₦’billon) • Non-interest income increased by 27.8% in FY24 on the back of consistent growth in net F&Cs +27.8% (+30.9%), trading & mark-to-market gains (+15.3%) and o
Slide 18: OPEX increased with inflation amidst improving cost-to-income ratio
OPEX increased with the inflationary environment amidst improving trend in cost-to-income ratio OPEX drivers (₦’billion) Improvement in CIR -11.6% 34.6 FY 24 308.5 134.8 62.0 36.5 42.9 192.3 122.6 934.2 66.8 56.4 61.7 49.0 43.3 FY 20 FY 21 FY 22 FY 23 FY 24 22.6 FY 23 175.9 70.8 42.9 20.3 122.1 79.2
Slide 19: Diversified earnings profile – 44.3% from outside FirstBank Nigeria
Diversified earnings profile – 44.3% from outside FirstBank Nigeria PBT Deposit Loans Total Assets FirstBank Nigeria 55.7% 71.6% 75.6% 62.6% FirstBank Nigeria Others * Int Subsidiaries 1 27.5% 28.4% 24.4% 32.3% International Subs Others * Commercial Banking 2 85.3% 100.0% 100.0% 97.0% Group 2 CBG Ot
Slide 20: Robust funding mix underscores a strong deposit base
Robust funding mix underscores a strong deposit base FirstBank Nigeria low-cost deposits1 • FY’24 customer deposits increased by 61.0% to ₦17.2 trillion (FY’23: ₦10.7 trillion). • Robust growth of 72.7% in retail deposits to ₦7.0 trillion underscores growth in our core deposit profile, reflecting he
Slide 21: Enhanced risk oversight reinforces resilience in the loan book
Enhanced risk oversight amidst economic pressures reinforces resilience in the loan book FirstBank Nigeria Gross Loan per Sector (₦’trillion) 0.3% FY 24 15.9% 23.4% 8.7% 14.8% 4.7% 6.1% 6.9% 19.0% 7.1 1.5% FY 23 21.3% 18.6% 9.2% 11.5% 6.3% 3.8% 6.7% 21.2% 5.4 Manufacturing O&G Upstream O&G Downstrea
Slide 22: Demonstrated proactive risk management practices
Demonstrated proactive risk management practices amidst volatility in the environment • A disciplined and guided approach adopted to NPL Coverage (%) grow the loan portfolio and enhance the quality of risk assets. • The growth in NPLs is driven primarily by only one oil and gas loan from which proac
Slide 23: Disciplined growth supports organic capital accretion
Disciplined growth supports organic capital accretion, to be further bolstered by additional T1 issuance • Strong earnings capacity from internal operations continue to provide a solid platform for capital accretion. • The Group continues to enjoy unmatched market access to support funding requireme
Slide 24: Digital Banking
Click to edit Master text styles Digital Banking Click to edit Master text styles
Slide 25: Driving income diversification through enhanced digital channels
Driving income diversification through enhanced digital channels and innovative capabilities Electronic Banking revenue ₦’billion Cards • Over 12 million cards in circulation, with a 20% market +16.1% share. 77.0 Agent banking 66.3 • Impressive 75 million transactions processed as at FY’24, valued a
Slide 26: Increasing income potential through cutting-edge digital solutions
Increasing income potential through cutting-edge digital solutions Number of Subscribers (Million) Volume of transactions processed (Million)1 Value of transactions processed (₦’billion) +5.2% CAGR +1.9% -20.9% CAGR +9.8% +9.9% CAGR +7.7% 5,875 USSD1 15.4 16.2 1,420 5,346 13.3 14.4 4,451 4,511 1,189
Slide 27: Solid digital footprint
Solid digital footprint Branch of the Future >42.5m > 25m 5 Digital Experience Customer Users across all digital Centres1 (DXCs) in key strategic locations Accounts2 16.2m platforms (USSD *894#, FirstMobile & FirstOnline) Subscribers FirstBank Branches 12.5m 9.2m ATM Cards First Mobile & Web 733 Sub
Slide 28: ESG
Click to edit Master text styles ESG Click to edit Master text styles 28
Slide 29: 2024 sustainability highlights
2024 sustainability highlights Awards & Recognitions Sustainable Finance Development Climate Action Euromoney Market Leaders: • 237 corporate transactions, totaling • 30,000 trees planted Best Bank in ESG in Nigeria ₦3 trillion, screened for ESG risks • 6 locations powered by renewable • $905 millio
Slide 30: Subsidiary Highlights
Click to edit Master text styles Subsidiary Highlights Click to edit Master text styles
Slide 31: FY'24 Commercial Banking and IBAM Group highlights
FY’24 Commercial Banking, Investment Banking and Asset Management Group (IBAM) Commercial Banking Group Investment Banking and Asset Management (IBAM) Key financial highlights & performance ratios Key financial highlights & performance ratios Income statement Statement of Financial Position Income s
Slide 32: Excellence across all pillars of Investment Banking and Asset Management
Excellence across all pillars of Investment Banking and Asset Management Business LEADING FINANCIAL ADVISORY EXCEPTIONAL TRUSTEESHIP UNPARALLELED ASSET AND DEBT SOLUTIONS TRACK RECORD MANAGEMENT AND SECURITIES TRADING SOLUTIONS Leading Asset Manager with 14% FBNQUEST MERCHANT BANK FBNQUEST MERCHANT
Slide 33: Appendix
Click to edit Master text styles Appendix Click to edit Master text styles
Slide 34: Economic strains of rising inflation and currency depreciation
Economic strains of rising inflation and currency depreciation on the business landscape Elevated levels of inflation Modest growth in external reserves amidst decline in oil price 100.0 2.5 34.19 34.80 80.0 2.0 33.20 32.70 28.92 60.0 1.5 26.72 1.5 1.4 1.2 35.5 1.3 1.3 1.3 38.3 1.3 40.9 22.04 22.79
Slide 35: Key regulatory and policy interventions
Key regulatory and policy interventions Q1 2024 Q2 2024 Q3 2024 Q4 2024 • CBN Increased the Monetary Policy • CBN Increased the Monetary Policy • Following the 297th monetary • CBN Increased the Monetary Policy Rate from 18.75% to 24.75% while Rate from by 150 basis point from policy meeting. The MP
Slide 36: Extending financial inclusion drive through Agency banking (FirstMonie)
Extending financial inclusion drive through Agency banking (FirstMonie) Geographic Dispersion of FirstMonie Agents as at FY’24 FirstMonie FirstMonie maintains its market lead, solidifying the position as 14% 14% Nigeria's largest bank-led agency banking initiative 2024 14% 21% 2023 Empowering lives
Slide 37: 5-Year Financial Summary: Balance Sheet
5-Year Financial Summary: Balance Sheet NGN’mn CAGR1 2024 2023 2022 2021 2020 Cash and cash balances with central bank 4,415,186 2,572,363 1,790,863 1,586,769 1,631,730 Loans and advances to banks 3,302,480 2,053,230 1,223,061 1,015,122 1,016,823 Loans and advances to customers 31.6% 8,767,888 6,359
Slide 38: 5-Year Financial Summary: Income Statement
5-Year Financial Summary: Income Statement NGN’mn CAGR1 2024 2023 2022 2021 2020 Gross earnings 40.3% 3,212,649 1,561,773 815,166 757,296 590,663 Net operating income 2,156,386 1,137,303 600,291 592,813 531,328 Operating expenses (934,160) (557,027) (373,945) (334,182) (292,501) Group’s share of ass
Slide 39: Definitions
Definitions • Cost-to-income ratio computed as operating expenses divided by operating income • Cost of risk computed as credit impairment charges divided by the average opening and closing gross loans balances • Net-interest margin computed as net interest income divided by the average opening and
Slide 40: Contact Details
Contact Details Head, Investor Relations Tolulope Oluwole Tolulope.O.Oluwole@firstbankgroup.com +234 201 905 2720 Investor Relations Team investor.relations@first-holdco.com +234 201 905 1086; 1147 40