First Holdco Plc · NSENG:FIRSTHOLDCO
First Holdco — H1 2025 Earnings Presentation
35 slides from First Holdco's earnings presentation, August 2025
Slide 1: Half Year 2025 Results Presentation
RECHARGED Half Year 2025 Results Presentation August 2025
Slide 2: Disclaimer
Disclaimer This presentation is based on First HoldCo Plc’s (‘FirstHoldCo’ or the ‘Group’) Unaudited financial statements for the half year ended June 30, 2025. The Group’s Financial statements represent First HoldCo Plc and its subsidiaries. FirstHoldCo has obtained some information from sources it
Slide 3: Outline
Outline 04 Key Highlights 09 Financial Review 19 Digital Banking 23 Subsidiary Highlights 27 Appendix 3
Slide 4: Key Highlights
FirstHoldCo Key Highlights
Slide 5: H1 25 financial highlights
H1 25 financial highlights - Sustained revenue momentum driven by strong growth in core banking activities Gross earnings up by 18.1% y-o-y to ₦1.7 trillion, underscoring the resilience of our topline performance and the strength of our underlying business model PBT down 13.6% y-o-y mainly due to th
Slide 6: H1 25 operational highlights
H1 25 operational highlights – Our underlying business model remains strong and resilient Leading position in retail banking with Retained the leading position in Over 1.3 billion electronic banking over ₦1 trillion1 in unsecured consumer electronic payment transactions with transactions processed i
Slide 7: Our strategic approach
Our strategic approach 2029 FINANCIAL TARGETS Key focus - Defend and Strengthen Core Leadership Positions • Expand share of e-banking transaction volumes by enhancing digital experience, reliability, and transaction capacity >25% • Preserve our leadership in Trusteeship and Asset Management, capital
Slide 8: Key developments
Key developments Forborne Loan Facilities Recapitalisation Plan Stakeholder Assurance on Governance • Forborne loan facilities are • Additional capital raise for H2 25 • The share divestment received mainly made up of syndicated of ₦350 billion to be executed in positive reactions loans on industry-
Slide 9: Financial Review
FirstHoldCo Financial Review
Slide 10: Earnings
Solid performance in core business; earnings tempered by normalisation of exceptional fair value gains Gross Earnings (₦’billion) Interest Income (₦’billion) Net-Interest Income (₦’billion) 18.1% 51.7% 75.7% 1,656.8 1,437.4 1,402.5 904.8 947.7 514.9 Earnings H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 Opera
Slide 11: Trend in key metrics
Trend in key metrics reflective of the core strength, endurance and scalability of operations despite short-term compression and one-off adjustments Post Tax ROaE (%) Post Tax ROaA (%) Earnings Yield (%) Net Interest Margin (%) 3.1 10.4 16.9 16.5 9.9 29.8 2.2 20.2 FY 24 H1 25 FY 24 H1 25 FY 24 H1 25
Slide 12: Resilient growth trajectory supported by optimised income flows
Resilient growth trajectory supported by optimised and sustainable income flows Gross Earnings (₦’billion) Gross Earnings mix H1 25 13.2% 59.9% 26.9% +18.1% H1 24 32.4% 45.7% 21.9% 1,402.5 1,656.8 Non-interest income¹ Interest income on loans and advances Interest income on investment securities H1
Slide 13: Consistent growth in fee income
Consistent growth in fee income affirms the strength and scalability of a diversified portfolio Fees & Commission breakdown gross (₦’billion) • Robust year-on-year growth of 29.7% in gross 10.6 fees and commission (net: 25.1%) underscores revenue generating capacity from diverse H1 25 43.8 19.6 27.5
Slide 14: Sustained cost discipline in an elevated inflation environment
Sustained cost discipline in an elevated inflation environment OPEX drivers (₦’billion) • H125 OPEX increased by 24.0% y-o-y to ₦552.8 20.8 billion. H1 25 170.0 61.1 35.5 16.3 116.2 108.2 552.8 25.7 • Operating expenses increased largely in line with inflation. 16.4 • Cost-to-income ratio at 50.5% r
Slide 15: Robust funding mix underscores a strong deposit base
Robust funding mix underscores a strong deposit base FirstBank Nigeria low-cost deposits1 • YTD customer deposits increased by 4.2% to ₦17.9 trillion (FY 24: ₦17.2 trillion); Naira deposits increased by N1.2 trillion during the same period. 91.4% 91.2% 91.9% 92.1% 93.8% 93.3% • FirstBank Nigeria mai
Slide 16: Risk management underpins loan book strength
Focus on discipline risk management underpins loan book strength in a volatile environment FirstBank Nigeria Gross Loan per Sector (₦’trillion) 0.3% H1 25 12.2% 24.7% 7.1% 18.5% 5.0% 4.1% 8.0% 20.2% 6.9 0.3% FY 24 15.9% 23.4% 8.7% 14.8% 4.7% 6.1% 6.9% 19.0% 7.1 Manufacturing O&G Upstream O&G Downstr
Slide 17: Asset Quality pressure not structural – Recovery path clear
Asset Quality pressure not structural – Recovery path clear • We adopt a disciplined and guided approach to NPL Coverage (%) grow the loan portfolio and enhance the quality of risk assets. • The growth in NPLs is driven primarily by one oil and gas loan and forbearance related activities for which p
Slide 18: Organic capital accretion, bolstered by additional T1 issuance
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 19: Digital Banking
FirstHoldCo Digital Banking
Slide 20: Driving income diversification through digital channels
Driving income diversification through enhanced digital channels and innovative capabilities Electronic Banking revenue ₦’billion Cards • Over 12.5 million cards in circulation. • Core banking channels2 reached 26 million users in H1 25 (H1 24: 24 million users). Agent banking • Impressive 121 milli
Slide 21: Mobile & Internet
Increasing income potential through cutting-edge digital solutions Number of Subscribers (million) Volume of transactions processed (million) Value of transactions processed (₦’billion) CAGR +5.1% +5.2% +5.1% CAGR +11.2% -20.9% -2.6% CAGR +5.7% +9.9% +3.3% USSD 5,875 16.2 15.8 16.6 5,346 14.4 15.4 1
Slide 22: H1 2025: Solid digital footprint
H1 2025: Solid digital footprint Branch of the Future >43m > 25m 5 Digital Experience Customer Users across all digital Centres (DXCs) in key strategic locations Accounts1 16.5m platforms (894 banking, FirstMobile & FirstOnline) Subscribers FirstBank Branches >12.5m 9.4m ATM Cards FirstMobile & 733
Slide 23: Subsidiary Highlights
FirstHoldCo Subsidiary Highlights
Slide 24: Commercial Banking, Investment Banking and Asset Management Group
Commercial Banking, Investment Banking and Asset Management Group (IBAM) Commercial Banking Group Investment Banking and Asset Management (IBAM) Key financial highlights Key financial highlights Income statement Statement of Financial Position Income statement Statement of Financial Position ₦ billi
Slide 25: Excellence across all pillars of Investment Banking and Asset Management
Excellence across all pillars of Investment Banking and Asset Management Business LEADING CAPITAL MARKETS AND DEBT SOLUTIONS UNPARALLELED ASSET MANAGEMENT SOLUTIONS FIRSTCAP LIMITED FIRSTCAP LIMITED FIRSTCAP LIMITED FIRSTCAP LIMITED Over ₦1.12 Trillion 2025 2025 2025 2025 Assets Under Management ₦50
Slide 26: Proven track records in Trusteeship and Brokerage
Demonstrated proven track records in Trusteeship and Brokerage excellence EXCEPTIONAL TRUSTEESHIP TRACK RECORD BEST EXECUTION BROKERAGE SERVICES FirstHoldCo ₦150 billion Rights NU SYNERGY OIL AND GAS NENI SERIES 2 BOND NMRC SERIES 4 BOND ZECH OIL AND GAS LIMITED LIMITED Issue Stanbic IBTC Holdings ₦
Slide 27: Appendix
FirstHoldCo Appendix
Slide 28: A well diversified financial service conglomerate
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 29: 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 30: Economic strains of rising inflation and currency depreciation
Economic strains of rising inflation and currency depreciation on the business landscape Decline in inflation from rebasing exercise Modest trend in external reserves amidst decline in oil price 100 .0 2.5 90.0 34.19 34.80 80.0 2.0 33.20 32.70 70.0 28.92 26.72 60.0 1.5 1.4 1.5 1.5 22.79 24.23 1.3 1.
Slide 31: Key regulatory and policy interventions
Key regulatory and policy interventions Q3 2024 Q4 2024 Q1 2025 Q2 2025 • Following the 297th monetary policy • CBN Increased the Monetary Policy • CBN retained the MPR at 27.5%. • CBN retains the MPR at 27.5% meeting. The MPR was further Rate from by 25 basis point from • The CRR and liquidity rati
Slide 32: FirstHoldCo Capital raise roadmap
FirstHoldCo Capital raise roadmap FirstHoldCo recapitalisation plan 748 (₦’billion) Ongoing 350 Completed 251 147 Current paid-up 1 capital Rights issue proceeds 2 (Net) Additional capital 3 to raise Final paid-up 4 capital Additional capital raise FirstBank to comply with Proceeds to be Capital rai
Slide 33: Extending financial inclusion through Agency banking (FirstMonie)
Extending financial inclusion drive through Agency banking (FirstMonie) Geographic Dispersion of FirstMonie Agents as at H125 FirstMonie FirstMonie maintains its market lead, solidifying the position as Nigeria's largest bank-led agency banking initiative 14% 14% Empowering lives > 100,000 jobs crea
Slide 34: 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 35: Contact Details
Contact Details Head, Investor Relations Tolulope Oluwole Tolulope.O.Oluwole@first-holdco.com +234 201 905 2720 Investor Relations Team investor.relations@first-holdco.com +234 201 905 1086; 1147 35